Thursday, May 23, 2024
WFS to be Acquired by SATS for €2.25 billion

WFS to be Acquired by SATS for €2.25 billion

Worldwide Flight Services has announced that SATS has reached an agreement to acquire WFS from an affiliate of Cerberus Capital Management for €2.25 billion (£2 billion).

The transaction will bring together WFS and SATS to create a first-of-its-kind global air cargo platform with scale and a network of 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. 

Read more: WFS and Diagnose pioneer the detection of undeclared lithium batteries using dog detection teams

“WFS has become the leading global air cargo logistics provider thanks to our commitment to customers, our experienced team, and our partners at Cerberus,” Craig Smyth, WFS CEO, said. “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.”

Read more: Air Belgium partners with WFS for launch of South Africa services

“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,” Kerry Mok, SATS CEO, added.

From Cerberus, financial sponsor since 2018, Managing Director Craig Brooks commented: “It has been a privilege to work alongside the talented WFS team and support the company in reaching new heights. Over the past four years, WFS has become a global leader by growing its network and investing in technology, operating capabilities, and customer solutions. SATS is a great partner for WFS and the combination will enhance growth and the value proposition for customers.”

Picture of Edward Hardy

Edward Hardy

Having become a journalist after university, Edward Hardy has been a reporter and editor at some of the world's leading publications and news sites. In 2022, he became Air Cargo Week's Editor. Got news to share? Contact me on Edward.Hardy@AirCargoWeek.com

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