SATS is to acquire Worldwide Flight Services, the world’s largest air cargo handler from existing owner, Cerberus Capital Management for €2.25 billion.
The companies said the combination would create a global air cargo platform with stations across Asia, the Americas, and Europe. Customers will benefit from the combined platform’s broader suite of services, operational best practices, and integrated technology.
WFS chief executive Craig Smyth said: “WFS has become the leading global air cargo logistics provider thanks to our commitment to customers, our experienced team, and our partners at Cerberus.
“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.”
SATS chief executive Kerry Mok, commented: “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.”
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 regulatory and SATS shareholders’ approval and is expected to close by the end of March 2023.