SATS, an Asia-based provider of food and gateway services, has acquired Worldwide Flight Services, an air cargo logistics, ground handling and technical services provider, from an affiliate of Cerberus Capital Management. The transaction is valued at an enterprise value of €2.25 billion.
The transaction creates a global air cargo service with a network of stations across Asia, the Americas, and Europe. After closing, WFS will become a wholly owned subsidiary of SATS. The WFS management team will continue to lead the business.
“WFS is an industry leader because it has dedicated people and an unwavering commitment to customers,” comments Kerry Mok, SATS CEO. “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.”
WFS was advised by Goldman Sachs as financial advisor, Linklaters LLP as lead counsel and Deloitte LLP as tax advisor.