Turkish Çelebi buys out Newco

Turkish Çelebi buys out Newco

ISTANBUL- Hürriyet Daily News
Çelebi Ground Handling, a subsidiary of Çelebi Group, has signed a deal to acquire Newco Airport Services, which is active in Barcelona, Santiago, Oviedo and Vigo, for 1.5 million euros, the company announced yesterday.

Celebi Ground Handling Avrope (Celebi Europe), owned by Çelebi Ground Handling, will take over all the operations and 4 million euro debts of Newco after the deal is approved by regulatory bodies.

Çelebi expansion
With this deal, Çelebi adds Spain to the list of countries it is active in – Hungary, Germany, Austria and India, Turkey - and increases the number of airports that the company operates in to 37.

At the airports in which Çelebi operates the passenger volume was about 40 million, cargo volume was nearly 100,000 tons and flight traffic was at 355,000 in 2011.

Çelebi’s Spain-based Çelebi Ground Handling Avrope SL is set to take over 100 percent stake in Newco Airport Services. The company had earlier approached Newco but then announced that it postponed plans and would keep on tracking the Spanish company.

Çelebi employs some 13,000 people across the world. It is one of the few large ground handling companies in Turkey.