Today/Reuters-Sept 28
Singapore-based ground handling and catering provider Sats is acquiring Paris-based Worldwide Flight Services (WFS) for 1.19 billion euros (S$1.65 billion) cash in its largest ever deal, to create the world’s biggest global air cargo handler. The combined entity’s network covers trade routes responsible for more than 50 per cent of global air cargo volume, the companies said in a statement on Wednesday (Sept 28). Sats’ chief executive officer Kerry Mok called the deal “a transformational opportunity for Sats”, saying it would create a global leader. Sats said the transaction values WFS at an enterprise value of 2.25 billion euros and it would raise S$1.7 billion in equity to fund the purchase. Sats is buying WFS from an affiliate of US private equity firm Cerberus Capital Management.
It said the deal would propel the group to the number one spot in an industry that includes aviation services firm Swissport and global airport and travel services business data. Sats has a market value of S$4.35 billion and counts Singapore state investor Temasek Holdings as its single biggest shareholder, according to Refinitiv data. Founded in 1984, WFS is the world’s largest air cargo logistics provider and a major provider of ground handling and technical services. It has more than 300 customers and employs 32,300 staff, the company said. Read more at: https://www.todayonline.com/singapore/singapores-sats-s165-billion-deal-become-biggest-air-cargo-handler-2005436
