AZB & Partners advised Singapore’s SATS To Acquire Worldwide Flight Services And Become Largest Air Cargo Handler
Singapore-based SATS has announced that it will purchase Worldwide Flight Services (WFS) in an all-cash deal for €1.19 billion ($1.15bn). WFS is the world’s largest air cargo handling firm with a strong presence in North America and Europe, complimenting SATS’ dominance in Asia. Here’s more on the massive deal.
AZB and Partners advised SATS in its acquisition of WFS from an affiliate of investment firm Cerberus Capital Management, L.P. The AZB & Partners team consisted of Partner Nandish Vyas and Senior Associate Farah Titina.
SATS announced that it has successfully purchased WFS from Cerberus Capital Management for €1.187 billion ($1.15bn). The deal is expected to be a big winner for SATS, with increases in EBITDA by S$100 million ($69.6mn) through cost-cutting alone. With WFS showing healthy financials, the Singaporean ground services giant expects to see earnings per share to rise by 78% and revenue to jump by 200%.
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