SATA received 11 expressions of interest for the privatization process of the entire share capital of SATA Handling, the Azorean aviation group announced. Interested parties were required to submit by September 14 the Suitability and Compliance Form, the financial capacity statement, and the beneficial interest declaration. The documentation received will now be analyzed by SATA Holding to verify compliance with the participation requirements established in the Specifications Document.
The process will be divided into two phases, a first for the submission of non-binding proposals and a second for binding proposals, with the possibility of a third phase for negotiation. National and foreign investors could participate, individually or in a group, provided they demonstrated a minimum relevant experience of five years in the ground handling services sector or in the transport, logistics, or infrastructure sectors.
The specifications document prohibits collective redundancies and the elimination of jobs for 30 months, requires compliance with collective labor agreements for at least 36 months, and demands the maintenance of the headquarters in the Azores for at least 30 months. The buyer may also be required to pay an initial installment of up to 5% of the final business price, with the ability to sell shares limited for the following five years.
On August 3, the representative unions of SATA Handling workers accused the Government of the Azores of "simulation of dialogue" and criticized the specifications document, insisting that the process will "destroy" the group. This process represents another step in fulfilling the restructuring plan approved by the European Commission for the SATA group.
