STOCKHOLM, Sweden, Oct. 22, 2002 (PRIMEZONE) -- SAS Flight Support AB, a subsidiary of SAS Group, today signed an agreement with Thales Group where SAS Flight Support acquires the assets of the Aeronautical Services Group (ASG) of Thales Avionics.
ASG forms part of Thales Avionics Limited, a company that is part of the Aerospace business area within the $10.3 billion (10.3 billion euros) Thales Group, one of Europe's premier electronics companies.
"We are pleased to reach this agreement with Thales and it makes SAS Flight Support the largest European player in the market. The acquisition of ASG will give us with a complete product portfolio and provide a platform for further growth," said the President of SAS Flight Support, Bjorn Alegren.
In conjunction with the transaction SAS Flight Support will change name to "European Aeronautical Group AB" to mark its strategy of international expansion.
The transaction is expected to close in the fourth quarter of 2002, subject to customary closing conditions between the parties.
For further information Bjorn Alegren, President SAS Flight Support +46 (0) 70-997 1918 Benny Zakrisson, VP Corporate Advisory +46 (0) 70-997 4397
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2002/10/22/20021022BIT00670/wkr0001.doc http://www.waymaker.net/bitonline/2002/10/22/20021022BIT00670/wkr0002.pdf