Singapore-based airline catering firm SATS has completed its acquisition of global air cargo logistics handler Worldwide Flight Services (WFS) for €1.3 billion (S$1.8bn), from Cerberus Capital Management.
WFS becomes a fully owned subsidiary of SATS and will remain headquartered in Paris and operate as Worldwide Flight Services. Chief executive Craig Smyth will continue to run the company, reporting to SATS president and chief executive, Kerry Mok, and an advisory board.
The two companies will create an Americas-Europe-APAC network with 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.