Linklaters has advised Cerberus Capital Management (“Cerberus”) on the sale by one of its affiliates’ interests in Worldwide Flight Services (“WFS”) to SATS (Asia’s leading provider of food solutions and gateway services). The transaction values WFS at an enterprise value of €2.25bn.
The transaction is subject to customary regulatory and SATS shareholders’ approval and is expected to close by March 31, 2023.
The transaction will bring together WFS, the world’s largest air cargo handler with leadership positions in the Americas and Europe, and SATS, the leading provider of aviation services in Asia. It will create a first-of-its-kind global air cargo platform with scale and a network of stations across Asia, the Americas and Europe. WFS will become a wholly owned subsidiary of SATS following the completion of the transaction and the WFS management team will continue to lead the business.
Cerberus was advised on the transaction by Linklaters corporate partners Tracey Lochhead and Robert Cleaver and managing associate Namrata Shah.
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