Enav has completed the acquisition of the Air Navigation Division of IDS-Ingegneria dei Sistemi. The closing follows the signing of the preliminary contract in March and the successful outcome of the due diligence activities, as reported by the company.
The consideration is 41 million net of the expected adjustments and corresponds to an Ev/ebitda multiple of 5,5 on a 2018 ebitda of 8,9 million. There will be 150 employees of the Division who will transit through ENAV.
An agreement was also signed between the parties which provides for the possibility for ENAV, by June 2020, to take over the activities currently incorporated in IDS North America and Australasia with methods that will be defined later and subject to the successful outcome of the two diligence.
The board of directors of IDS AirNav will be chaired by Vincenzo Smorto.
