News
SATS Ltd to bulk up global presence with acquisition of Worldwide Flight Services
September 29th 2022
Singapore-based SATS Ltd has reached agreement with an affiliate of Cerberus Capital Management to acquire air cargo handling firm, Worldwide Flight Services (WFS), for S$1.6 billion (US$1.1 billion). Read More » In a regulatory filing to Singapore's SGX stock exchange, SATS said the transaction will expand its network and capabilities in Asia and around the world. “This is a transformational opportunity for SATS. Our proposed acquisition of WFS will create a global leader that can become the go-to provider of mission critical aviation services,” SATS CEO, Kerry Mok, said. “Our customers are telling us they want seamless support across regions in ways that simplify and strengthen their own operations. Combining with WFS will allow us to meet these requirements with new cargo handling solutions and capabilities, enhanced service quality, greater digitalisation and better visibility and traceability across the supply chain.” The deal is expected to be finalised by March 2023.
