newstodate.aero

Sep 28, 2022 (newstodate): WFS, Worldwide Flight Services is again to have a new owner: Singapore's SATS Ltd has reached an agreement to acquire WFS from Cerberus Capital Management.
   The transaction will bring together WFS, the world’s largest air cargo handler with leading positions in the Americas and Europe, and SATS, the leading provider of aviation services in Asia, creating a global air cargo platform with a network of stations across Asia, the Americas, and Europe.
   Following the closing of the transaction and subject to customary regulatory and SATS shareholders’ approval, expected by the end of March 2023, WFS will become a wholly owned subsidiary of SATS, managed by the current WFS management team.
   Looking back, the ownership of WFS has had a turbulent course..
   New York-based investment company Cerberus Capital Management, L.P. announced on June 19, 2018, that one of its affiliates had entered into an agreement to acquire WFS from Platinum Equity.
   Platinum Equity acquired WFS only in Spring 2015 from its former owner, LBO France, thus holding on to the company for only four years.
    In the Scandinavian context, WFS started cargo handling operations in Denmark at Copenhagen Airport in Spring 2006, adding Swedish operations at Stockholm Arlanda Airport from June 1, 2012.
   As the only footprint in Norway, WFS signed an MoU with Avinor in August 2018 as the future operator of a planned Avinor Seafood Terminal at Oslo Airport - a project soon shelved, and the MoU was terminated in May 2019.