WFS to be acquired by Sats
Sats has reached an agreement to acquire Wordwide Flight Services (WFS) from an affiliate of Cerberus Capital Management.
The transaction is valued at an enterprise value of EUR 2.25 billion and will bring together WFS, the world’s largest air cargo handler with leadership positions in the Americas and Europe, and SATS, a major provider of aviation services in Asia.
This combination creates a first-of-its-kind global air cargo platform with scale and a network of stations in Asia, the Americas, and Europe. Following the close of the transaction, WFS will become a wholly owned subsidiary of Sats, and 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. (cj)