Amadeus stake could be sold by AirFrance-KLM; Servair sale could yield EUR 500m
Listed airline Air France KLM intends to sell various assets, possibly including its stake in reservations system company Amadeus to reduce its debt burden, Dutch-language De Telegraaf reported. The previously reported intended sale of catering and logistics subsidiary Servair could yield up to EUR 500m, the item noted, without citing sources for this claim.
Last year, the company already sold part of its stake in Amadeus, the report noted. The company could again sell part of the stake it now holds in Amadeus, which along with a sale of landing slots at London's Heathrow airport, could yield some EUR 250m, the item noted. The paper did not cite any source for this valuation.
Meanwhile, KLM's catering subsidiary Servair was already put up for sale in 2012, when analysts expected the airline could yield up to EUR 300m, the report noted. However, no deal materialised at that time.
In 2015, Servair recorded a turnover of some EUR 1bn. Its earnings were EUR 37m, the report noted. Whether a buyer would want to pay more than 10 times the company's earnings remains uncertain, the report added.
de Telegraaf