- SATS acquired WFS for €1.3 bn
- Cerberus acquired WFS in 2018 for an enterprise value of €1.2bn
- Cerberus is a global firm in alternative investing that manages around $60bn in assets
Cerberus Capital Management has completed the sale of Worldwide Flight Services (WFS) to SATS for €1.3 billion, representing an enterprise value of €2.25 billion.
WFS is an air cargo logistics provider and a provider of ground handling and technical services with annual revenues of €2 billion. The firm is based in Paris.
WFS will become a fully owned subsidiary of SATS but will continue to be headquartered in Paris and operate as WFS.
Craig Smyth, CEO of WFS, will continue to lead the company and report to Kerry Mok, president and chief executive officer of SATS, and an advisory board.
Cerberus acquired WFS in 2018 for an enterprise value of €1.2 billion.
“Together, we executed on transformative operating and strategic initiatives to further establish the company’s distinct leadership in air cargo logistics,” said Craig Brooks, senior managing director at Cerberus.
SATS is a provider of food products and gateway services. The firm is headquartered in Singapore.
Cerberus is a global firm in alternative investing that manages around $60 billion in assets across complementary credit, private equity, and real estate strategies. The firm is based in New York.