Turkish airports operator TAV Airports has acquired 35 per cent of stake in Havas, the leading ground handling services provider in Turkey for 80 million euros ($100.4 million).

The purchase was made from Is Private Equity, an indirect affiliate of Isbank and HSBC Investment Bank Holdings.

“Today marks an important milestone in the history of Havas, which currently serves at 23 airports in Turkey,” said Sani Sener, TAV Airports president & CEO.

“Three years ago we sealed a partnership with two highly reputable partners, Is Private Equity and HSBC Principal Investments to support Havas’s growth ambitions under TAV Airports management.

“With this transaction we injected 102 million euros into TAV Airports Holding. During these three years, together with our financial partners we have managed to turn Havas into a multinational ground handling company that is clearly uncontested in its home country,” he added.

“With the addition of Turkish Ground Services to its subsidiaries, Havas has more than doubled the number of aircraft it serves in the Turkish market. On the other hand, the acquisition of Havas Europe has turned Havas into a multinational ground handling company providing service in six countries,” Sener concluded.

Dr Ahmet Erelcin, managing director of HSBC Principal Investments, vice-chairman of Board of Directors of HSBC Portfoy Yonetimi, which provided consultancy services to HSBC Investment Bank Holdings during the sale process, drew attention to Turkey’s growing importance each passing day towards becoming a regional transportation hub.

“We have invested in with a mission to support Havaş to keep up its strong performance on the back of the significant progress recently demonstrated by the Turkish aviation sector. As planned, Havaş’s buoyant position in its sector and its dynamic business model have allowed the company to reach a higher plateau in a very short time,” said Dr Erelcin.

“The unique collaboration realized together with the dynamic TAV family has led to mutually beneficial results for all parties.” – TradeArabia News Service