Worldwide Flight Services will become a 100% subsidiary of SATS
SATS, one of Asia’s leading aviation services providers, has reached an agreement to acquire Worldwide Flight Services, one of the world’s largest air cargo managers, from a subsidiary of Cerberus Capital Management.
The combination creates a global air cargo hub with a network of stations across Asia, the Americas and Europe.
The transaction is valued at an enterprise value of 2.25 billion euros.
Worldwide Flight Services is set to become a 100% subsidiary of SATS
“WFS has become the world’s leading provider of air cargo logistics through our commitment to customers, our experienced team and our partners at Cerberus,” said Craig Smyth, CEO of WFS. “As we envision our next stage of growth, this combination will provide exciting benefits for our customers and employees. We have great respect for SATS and value similar values. By joining our respective strengths, we can build on our relationships of trust around the world. »
Following the closing 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 shareholder approvals and is expected to close by March 31, 2023.
Kerry Mok, CEO of SATS, 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 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.