31st Jan 2008 14:13
easyJet PLC31 January 2008 31st January 2008 easyJet completes acquisition of GB Airways easyJet plc ("easyJet") today announced that the acquisition by its wholly-ownedsubsidiary, easyJet Airline Company Limited of GB Airways Limited ("GB Airways")from its parent, Bland Group Limited has now been successfully completedfollowing final regulatory clearances on 18th January. The acquisition has beencompleted in line with the timescales outlined in October when the intention topurchase was first announced. easyJet paid £103.5 million in cash for GB airwaysof which £11.5 million is held in an escrow. Andy Harrison, Chief Executive of easyJet said: "We are delighted to have completed this transaction and we welcome the GBAirways staff transitioning across to become part of the easyJet team. The dealenhances easyJet's customer offering of low cost with care and convenience andwill create value for shareholders." The acquisition of GB Airways strengthens easyJet's position as the leadingshort haul airline in the UK operating around 18% of available seats. easyJet isnow able to offer its customers more routes at convenient times from two majorUK airports - London Gatwick and Manchester. easyJet will now carry morepassengers from Gatwick than any other airline and the GB Airways acquisitionmeans that easyJet will be offering services from Manchester for the first time. The integration of GB Airways into easyJet is progressing well - its routes arealready on sale via easyJet.com and plans are in place to ensure a smoothtransition by GB Airways to the easyJet Air Operators Certificate. As part ofthe integration process synergy benefits in the areas of overheads, insurance,ground handling, aircraft ownership and ancillary revenues have been identifiedand over the medium term easyJet will be able to drive further benefit from theacquisition as it optimises its network. In the current financial year, beforeexceptional costs of around £12 million, the acquisition will be earningsenhancing. Save as disclosed above, there have been no significant changes affecting anymatter contained in the announcements of 25 October 2007 or 18 January 2008 andno other significant new matter has arisen which would have been required to bementioned in those earlier announcements if it had arisen at the time of thepreparation of those announcements. Key facts and figures about the GB Airways acquisition: Financials - year ended 31st March 2007: £mRevenue 250EBITDAR 35Profit before Tax 2.6 Fleet:Aircraft NumberA320 9A321 6 Routes: From London Gatwick to: From ManchesterAjaccio (Corsica)* Heraklion (Crete) *Alicante Innsbruck (Until 3apr)Bastia (Corsica)* Malta *Corfu * MalagaDalaman (Turkey)* Paphos (Cyprus) *Faro Tenerife *Gibraltar *Gran Canaria *Heraklion (Crete)*Hurghada (Egypt)*(Until 30apr)IbizaInnsbruckLanzarote *Madeira Mahon (Menorca)MalagaMalta *MarrakechMontpellier *Mykonos *Nantes *Palma (Majorca)Paphos (Cyprus)*Rhodes *Sharm El Sheik *Tenerife* * New destinations to the easyJet network Please direct any enquiries to: easyJet plc Financial: Rachel Kentleton, Investor Relations +44 (0) 7961 754 468 Press: Toby Nicol, Corporate Communications +44 (0) 1582 525 339 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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