Dark/Light Mode SATS, a leading provider of aviation services in (29/09/22) Asia, has reached an agreement to acquire Worldwide Flight Services, one of the world’s largest air cargo handlers, from an affiliate of Cerberus Capital Management.
The combination creates a
global air cargo platform with a network of stations across Asia, the Americas and Europe.
The transaction is valued at an enterprise value
of €2.25 billion.
Worldwide Flight Services is set to become a wholly owned subsidiary of SATS
“WFS has become the leading global air cargo
logistics provider thanks to our commitment to customers, our experienced team, and our partners at Cerberus,” said Craig Smyth, WFS CEO. “As we look to our next stage of growth, this combination will deliver exciting benefits for our customers and our people. We have great respect for SATS and enjoy similar values. By bringing together our respective strengths, we will be able to build on our trusted relationships around the world.”
Following the close of the transaction, WFS will
become a wholly owned subsidiary of SATS. The WFS management team will continue to lead the business.
The transaction is subject to customary regulatory
and SATS shareholders’ approval and is expected to close by 31 March 2023.
Kerry Mok, SATS CEO, said, “WFS is an
industry leader because it has dedicated people and an unwavering commitment to customers. Our proposed acquisition is a transformational opportunity for SATS and will create a global leader and a go-to provider of mission critical aviation services. In our newly combined markets, SATS and WFS will be at the heart of global trade flows, operating in the world’s busiest airports and supporting the biggest companies.”
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