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Travel

Worldwide Flight Services to Become Wholly Owned Subsidiary of SATS

By Amit - October 3, 2022

feature img


(29/09/22)
 
SATS, a leading provider of aviation services in
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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https://www.travelnewsasia.com/news22/299-WorldwideFlightServices.shtml

Amit

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