SATS Ltd. announced the completion of its previously announced acquisition of global air cargo logistics provider Worldwide Flight Services (WFS) for €1.3 billion (approximately S$1.8 billion) from an affiliate of Cerberus Capital Management, representing an enterprise value of €2,250 million.

The acquisition got 96.8% approval from SATS' voting shareholders in January of this year, and regulatory approvals in all relevant jurisdictions were acquired in February. With the conclusion of the transaction, WFS becomes a wholly owned subsidiary of SATS, which is based in Singapore.

“Our combination with SATS enhances our ability to provide end-to-end trade solutions, which is increasingly critical to our global customers. Together, we will drive technology and service innovations while maintaining our industry-leading standards of safety and security. We are very excited about the value we can deliver for customers from our combined capabilities and broader network,” said Craig Smyth, CEO of WFS.

"SATS and WFS will provide our customers with the critical global cargo handling capability, and the scale advantage for us to develop and pioneer new solutions that will enhance our customers’ competitiveness. We welcome the management team and employees of WFS into the SATS family. Our focus is now on accelerating value creation for our customers over the medium term,” said Kerry Mok, President & CEO of SATS.

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