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Mediterranean Shipping Company acquires a majority stake in AlisCargo as the first step preceding a 100% buyout of the Italian firm
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The two parties announced the deal on August 3 but kept its size and price under wraps
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MSC and AlisCargo say the takeover is expected to happen at the start of 2024
Mediterranean Shipping Co (MSC) has acquired a majority stake in AlisCargo Airlines, a Milan-based air freight carrier, in a transaction that both parties have confirmed as the first step towards a full takeover of the Italian air cargo operator by the Swiss transport and logistics giant.
The majority stake acquisition was announced in a joint press release by AlisCargo Airlines and MSC on August 3. The two companies did not disclose the size of the stake or the transaction value.
MSC and AlisCargo said the 100% takeover is expected to happen at the beginning of 2024, once AlisCargo restarts its operations with the delivery of a Boeing 777F.
This transaction is yet another step to further develop MSC Air Cargo operations and creates a European gateway and transit point for the group’s air cargo solutions, the announcement said. Furthermore, the deal complements MSC Air Cargo’s aim to expand its existing trade lane network with better coverage and increased flexibility.
The major European container cargo shipping companies — starting with CMA CGM in February 2021, followed by Maersk and MSC — began expanding into air cargo to invest excess cash from record-high ocean freight rates during the pandemic years.
They stepped up air cargo asset acquisitions and forged operational alliances when the global economy slowed down and air freight rates strengthened as ocean shipping prices began sliding in January last year after the expected peak season did not materialize .
“The acquisition of a majority share in AlisCargo Airlines is a step towards expanding MSC’s Air Cargo solution capabilities, and ultimately providing our customers with a quality and consistent offering,” said MSC Air Cargo senior vice president Jannie Davel.
“I am equally proud that we have found a partner that shares a common vision with us and has built a strong foundation for which we hope to further develop.”
The majority selling party is represented by the Leali Group, led by Domenico Alcide Leali, who started AlisCargo Airlines in 2019 after the success with Air Dolomiti.
Giacomo Manzon, general manager of AlisCargo Airlines, briefly said: “I am proud to see a group like MSC entering as a major shareholder of AlisCargo Airlines and developing further the project that Leali Group has initiated.”
MSC Air Cargo has been building up its air cargo offering through numerous strategic partnerships with sales agents and software providers.
MSC Air Cargo provides a complementary solution to MSC’s core shipping services and operates two aircraft managed by Atlas Air Worldwide between Europe, Central America and Asia. Last month, MSC said it will add two more in the next six months.
Following the completion of the operation, MSC Air Cargo will have a new operating license and a fleet of five wide-body aircraft within the next 12 months.
Banca Finint acted as financial advisor to Leali Group. Gianni & Origoni acted as legal advisor to MSC and Leali Group, with two separate teams of lawyers from its Milan and Padua offices, respectively.
MSC Air Cargo began weekly around-the-world service with a Boeing 777 freighter in early December, December 2022, three months after announcing in September last year that it would set up an air cargo operation that would begin commercial service in early 2023.
MSC (Mediterranean Shipping Company), headquartered in Geneva, Switzerland, is a global leader in transportation and logistics, privately owned and founded in 1970 by Gianluigi Aponte.
MSC has 675 offices across 155 countries worldwide with over 180,000 employees. It has access to an integrated network of road, rail and sea transport resources that stretches across the globe. MSC’s shipping line sails on more than 260 trade routes, calling at over 520 ports.
AlisCargo Airlines is the only Italian airline entirely dedicated to the intercontinental transport of goods.
