IDS AirNav, ENAV’s new ANS division acquired from Italy’s IDS, will continue to focus on developing software solutions for aeronautical information management and air traffic management.
The division which numbers around 100 clients in Italy and abroad, offers a comprehensive set of solutions which are complementary to ENAV’s offering, focusing on airspace project development, databases for aeronautical information management and other vital services for air traffic control (ATC) service providers.
ENAV chief executive Roberta Neri stated: “We are confident that thanks to this acquisition our group, which is widely recognised as a leading international player in terms quality of air traffic control services, will further increase its competitiveness in the non-regulated ATM services and technology sector, both in terms of offering portfolio and geographical footprint.”
She added that the acquisition will also enable ENAV to more than double its non-regulated business revenues. “Moreover, the integration of IDS AirNav’s activities and personnel will also generate industrial synergies in the regulated business,” added Neri.
Based on the final terms of the transaction, and after adjustments provided for in the preliminary agreement, ENAV will pay an amount of €41 million for 100 per cent of the division, equivalent to an EV/EBITDA multiple of 5.5 x based on the 2018 EBITDA of €8.9 million.
The 150 employees of IDS’s Air Navigation Division will join the ENAV Group. Concurrently with the closing, the parties have signed an agreement whereby ENAV has the option to purchase before June 2020, the activities of IDS Air Navigation Division currently carried out by IDS North America and IDS Australasia, subject to due diligence.