Latham & Watkins has advised Singapore Airport Terminal Services (SATS) on the acquisition of Worldwide Flight Services (WFS), the largest airport cargo handling company, from a subsidiary of Cerberus Capital Management.
The deal will create a global leader in the aviation services sector, with over 200 stations in more than 20 countries and covering trade routes representing more than 50% of the world’s air cargo volume.
The transaction values WFS at €2.25 billion. It is expected to be completed in march 2023, subject to obtaining the relevant regulatory and SATS shareholder approvals. Following the closing of the transaction, WFS will become a wholly owned subsidiary of SATS.
Latham & Watkins advising team was led in corporate matters by the counsel, Luis Lozano (pictured above right), and associates, Jesús Miralles de Imperial, Marta Ortiz de Zárate, Fernando Ferreiro, José Luis Bootello and Alejandro Albiñana; in labour matters, by the partner, Naiara Rodríguez-Escudero (pictured left), associate, Guillermo Ruiz de Salazar, and trainee, María Goñi; and in regulatory matters, by the counsel, José María Alonso (pictured below right), and associate, Leticia Sitges.