Singapore's SATS to buy Worldwide Flight Services for $1.1 bln (updated)

Sats

28/09/2022 08:03

(Adds SATS CEO's quote)
       SINGAPORE, Sept 28 (Reuters) - Singapore-based ground
handling services firm SATS Ltd  SATS.SI  is acquiring Worldwide
Flight Services (WFS) for 1.19 billion euros ($1.14 billion) in
cash, making the combined group the world's biggest global air
cargo handler, the companies said on Wednesday.
    "This is a transformational opportunity for SATS and our
proposed acquisition of WFS will create a global leader that can
become the go-to provider of mission critical aviation
services," Kerry Mok, SATS' CEO, said in a statement.
    SATS is buying WFS from an affiliate of U.S. private equity
firm Cerberus Capital Management.
   ($1 = 1.0458 euros)
 (Reporting by Yantoultra Ngui; Editing by Anshuman Daga and
Muralikumar Anantharaman)
 ((Yantoultra.Ngui@thomsonreuters.com;))