Air, Business, Freight News

SATS completes acquisition of WFS

[ April 13, 2023   //   ]

SATS Ltd.  announced it has completed its acquisition of global air cargo logistics provider Worldwide Flight Services (WFS) for €1.3 billion (equivalent to approximately S$1.8 billion) from an affiliate of Cerberus Capital Management, representing an enterprise value of €2,250 million as previously announced.

The acquisition received an overwhelming support of 96.8% approval from SATS’ voting shareholders in January this year and obtained regulatory approvals in all relevant jurisdictions in February. With effect from completion, WFS becomes a fully owned subsidiary of SATS, which is headquartered in Singapore. WFS will continue to be headquartered in Paris and operate as Worldwide Flight Services. Craig Smyth, CEO of WFS, will continue to run the company and report to Kerry Mok, President & Chief Executive Officer of SATS, and an advisory board.

Both SATS and WFS have a long history and deep knowledge of the aviation industry. SATS is a leading provider of food solutions and gateway services in Asia, while WFS is a leading air cargo logistics provider globally with ground handling capabilities. As a combined company, SATS and WFS create an Americas-Europe-APAC network with a global footprint of 201 cargo and ground handling stations in 23 countries, covering trade routes responsible for more than 50% of global air cargo volume. The combined group operates in five of the top 10 cargo airports in North America and Europe respectively, including Los Angeles, Chicago, Miami, Frankfurt, and Paris, and four of the top 10 cargo airports in Asia, including Hong Kong, Taipei, Singapore, and Beijing.

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