SATS to acquire Worldwide Flight Services for EUR2.25bn

Singapore Airport Terminal Services (SATS) reached (28-Sep-2022) an agreement to acquire Worldwide Flight Services (WFS) from an affiliate of Cerberus Capital Management for EUR2.25 billion. 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. Through initiatives that will include cross-selling, network expansion and deeper e-commerce cargo partnerships, the combined entity is expected to capture meaningful run rate EBITDA synergies in excess of SGD100 million (USD69.6 million). The parties stated that with over 200 cargo and ground handling stations in over 20 countries, the combined company is expected to be the "largest global air cargo handler". The transaction is subject to customary regulatory and SATS shareholder approval and is expected to close by 31-Mar-2023. [more - original PR] [more - original PR - II]