ITALY/RUSSIA. Luggage protection and tracing services specialist Safe Bag has concluded the acquisition of 51% of PackandFly Group.
The acquisition includes all the non-Russian activities of the PackandFly Group. As reported, Safe Bag signed a binding agreement for the acquisition on 3 April and a letter of intent on 1 February.
Safe Bag earlier concluded the acquisition of 51% of Wrapping Service, a company which manages all the activities of the PackandFly Group in Russia. Safe Bag said the deal would allow it to” fully benefit from the marginalities produced in all the Russian airports where the PackandFly Group operates”.
Safe Bag Chairman Rudolph Gentile commented: “The strategic significance of this transaction goes way beyond the algebraic sum of the two groups which sees 50 airports located in three continents, 13 countries, 150 points of sale and more than 4.5 million clients a year.
“In fact, there are important economic, industrial and strategic synergies already in progress and the results of which we will be able to see fully from 2019. Particularly, the sale of sostravel.com services on the PackandFly network [and] the lowering of royalties to licensees due to the reduced competitive scenario. Last of all, thanks to a more efficient establishment per geographical area, renewed commercial energy in particular in the passenger market with a higher growth rate in Asia and the Middle East.”
