On December 29, 2016, gategroup Holding AG (gategroup), Kloten, Switzerland (SIX: GATE), announced that it will acquire control over Servair as of 1 January 2017, stepping into the transaction entered into between Air France and HNA Group (HNA) following the successful takeover of gategroup by HNA. Servair is the leading French and African operator in the airline catering and cleaning business.

gategroup will acquire 50% minus 1 share in Servair for an enterprise value of EUR 237.5 m (on a 50% basis). The transaction will be solely financed by gategroup, initially through a bridge facility which will be replaced by a capital market transaction envisaged in the first half of 2017.

The addition of Servair to gategroup will create an offering in the inflight catering business serving more than 300 airline customers in more than 200 facilities with 39,000 employees, as well as an annual group revenue following the acquisition, projected to exceed CHF 4.4 bn.

Homburger advised gategroup with respect to Swiss law. The Homburger team was led by partner Frank Gerhard and included associate Guy Deillon (both Corporate | M&A).