Singapore-based catering and gateway services provider SATS is in ongoing discussions to buy Cerberus-backed air cargo handler Worldwide Flight Services.
Singapore-based catering and gateway services provider SATS is in ongoing discussions to buy Cerberus-backed air cargo handler Worldwide Flight Services.
The firm said it is one of SATS’ strategic priorities to expand its network and capabilities in Asia and across the globe, and is therefore constantly on the lookout for acquisition opportunities. However, there is no certainty that it will proceed or will materialise and no definitive terms or formal legal documentation have been agreed upon at the moment.
Bloomberg reported earlier that the deal could hit the $3 billion mark, with sources saying the company has sounded out financing and an announcement could be made in the coming weeks.
Cerberus bought Paris-based Worldwide Flight Services, one of the world’s largest air cargo handlers operating in more than 160 airports in 20 countries, from Platinum Equity in 2018 for $1.2 billion.
