The Slovenia Times

Adria Airways Tehnika sold to Polish Linetech Holding


The transaction is expected to be completed by Wednesday, the Slovenia Sovereign Holding (SSH) said after signing the deal with the Polish buyer on Tuesday along with fellow shareholder Aerodrom Ljubljana.

The airport operator and SSH said the buyer would also pay them back the loan they granted to Adria Airways Tehnika in 2012. SSH had held 52.33% and Aerodrom Ljubljana 47.67% of the company.

The sellers would not disclose how much they would get in the purchase money, which they expect to receive by tomorrow, but unofficial information is that the Poles would pay EUR 2m without the loan.

SSH chairman Marko Jazbec expressed satisfaction with the result of the sales procedure. "We believe the company will get an owner that will ensure its growth, further development and maintain good relationships with all the stakeholders."

"We believe a recognised international bidder has been selected that will further advance the company known for its expertise and staff," Aerodrom Ljubljana CEO Zmago Skobir was quoted in a press release.

"We are handing over a company that has a solid basis and high potential provided by the strategic location of Jože Pučnik Ljubljana Airport," added the boss of the airport operator.

Linetech Holding chairman Piotr Kaczor expressed the buyer's commitment to aspire to Adria Airways Tehnika's growth and development through investment in staff, new technologies and equipment.

"Thanks to the merger, our shared capacities for the maintenance of the most common makes of aircraft: Boeing, Airbus, Bombardier, Embraer and ATR will increase," the release quotes Kaczor.

He said the acquisition would make Linetech Holding group a leading aircraft maintenance provider in Europe with six hangars enabling simultaneous maintenance of up to 13 different C-classification planes.

The sale was also welcomed by the executive director of Adria Airways Tehnika, Maksimiljan Pele, who said he was glad the company went in the hands of a successful aircraft servicing and maintenance provider.

The media had tipped Express Airways from Germany and Lithuanian Avia Solutions as two of several prospective buyers. A bid had also been reportedly submitted by Adria Airways Tehnika employees.

SSH and Aerodrom Ljubljana say Linetech Holding submitted the best bid in what they described as a transparent and competitive sales procedure.

Present in the market since 2009, Linetech Holding services aircraft at seven Polish airports and employs more than 200 staff, according to information on the company's web site.

Adria Airways Tehnika is an authorised European maintenance centre for Canadian Bombardier aircraft, and also maintains CRJ series and Airbus aircraft.

Spun off from flag carrier Adria Airways in 2010, the company was sold to the state-run PDP enterprise and Aerodrom Ljubljana in February 2011 as a way to help Adria Airways.

Aerodrom Ljubljana has since been sold to German Fraport and Adria Airways is also in the process of being sold as part of a plan for the privatisation of 15 state enterprises.

Adria Airways Tehnika generated a net profit of EUR 30,000 on some EUR 18.5m in revenue last year. This year revenue is expected to amount to between EUR 20-22m.

The company is the seventh on the list of 15 enterprises slated for privatisation in 2013 to be sold. A buyer in another privatisation has already been chosen, while two have been suspended.

One of the 15 companies does not exist any more, and one is in receivership.


More from Nekategorizirano