Flemingo signs deal with Polish airport operator for Baltona sale

The Polish Airports State Enterprise aims to acquire 100% of Baltona Duty Free.

Flemingo International Ltd. BVI has today signed an investment agreement with the Polish Airports State Enterprise (PPL) for the sale of its 80.68% shareholding of Baltona Duty Free.

Aviation infrastructure company PPL aims to acquire 100% of the Warsaw Stock Exchange-listed Baltona via a public tender that will launch in the next few days.

At the same time, PPL will buy two bond series issued by Baltona that will provide funds for day-to-day operations, growth initiatives as well as refinancing of Baltona’s current banking facilities. Bond programmes were organised through PKO Bank Polski.

The Investment Agreement as well as the public tender is subject to the approval of the Polish Office of Competition and Consumer Protection.

“We are very pleased having signed this Investment Agreement with PPL, one of the top aviation infrastructure companies in Poland and the owner of the largest airport at which Baltona operates,” stated Carlo Bernasconi, Flemingo’s Member of the Board and CEO Region Europe.

“I am convinced that PPL, under the leadership of its CEO, Mariusz Szpikowski, will be able to further develop and drive Baltona’s growth story that was demonstrated through recent impressive contract wins in Tallinn, Wroclaw and, most important, successful negotiations of Warsaw contracts.

“Together with PPL’s in-depth commercial airport knowledge and backed-up with a strong capital base, Baltona will undoubtfully become the undisputed travel retail leader within Poland and I am happy to see our experienced Baltona management team to join hands with the PPL Management and Supervisory Board.”

“Transaction with Flemingo is beneficial for us for economic reasons and security-wise for the airport,” stated Mariusz Szpikowski, CEO of Polish Airports State Enterprise. “PPL capital group would regain more control over security in the restricted areas, which would convert into increased passenger security at ports. A huge added value would also be creation of a strong entity that would be able to compete on the duty-free market.”

Baltona is an operator of duty-free shops at Polish regional airports as well as general stores and F&B outlets in Poland and abroad. The company has been present in the market for over 70 years. The company’s retail and catering businesses are situated in Poland, as well as Estonia, Romania, France, Italy and Ukraine. The Baltona Group is also involved in, among others, ship chandler’s business in Polish seaports and for Polish ships abroad.

Polish aviation infrastructure company PPL holds shares in or stocks of 14 airport operating companies. PPL own specialist companies providing passenger service and freight and aircraft handling at Polish airports (Welcome Airport Services Sp. z o.o. and Lotniczy Dworzec Towarowy Wrocław Sp. z o.o.) and companies conducting non-aviation activity: ACS Sp. z o.o. – passenger and baggage screening and security at airports.

Source: https://www.dfnionline.com/lead-stories/flemingo-signs-deal-polish-airport-operator-baltona-sale-09-10-2019/

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