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Kuwait’s Agility signs $1.4bn credit facility with banks

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Agility said the funds will help it grow and finance acquisition of British aviation services firm John Menzies

Kuwait’s Agility, one of the largest Gulf logistics companies, said on Sunday it had signed a new credit facility of 1.4 billion euros ($1.06 billion).

The transaction is part of a financing round that is expected to total about $3.2 billion, it said. The company said the money will pay for the company’s growth plans, including the financing of its acquisition of British aviation services company John Menzies.

Agility did not disclose the source of the credit facility.

Agility said on Thursday it had finalised its £763 million ($924.37 million) acquisition of John Menzies, which it said would be combined with National Aviation Services (NAS).

The acquisition valued John Menzies at approximately £571 million on a fully diluted basis and about £763 million on an enterprise value basis, it said at the time.