LATAM Airlines Group has confirmed the 100% sale of its ground handling subsidiary Andes Airport Services to ACCIONA Airport Service, a subsidiary of ACCIONA.
The US$38.6m deal includes the current operations, assets and a long-term contract to provide LATAM with ramp handling services in Santiago de Chile airport. The continued employment of around a thousand members of staff is also assured.
In addition to the six airports in Chile where it already operates, the acquisition will give ACCIONA more than 60% market share in Chile’s main airport, with a view to further expanding its current presence towards the rest of the country’s airports. This purchase reinforces Chile as a growth platform for ACCIONA’s handling services, following recent developments such as the exclusive ground handling contract with the low-cost airline JetSMART at all Chilean airports
The transaction is expected to be closed in the fourth quarter of the year, yielding approximately US$20m profit for LATAM Airlines Group.
