Latham & Watkins has advised SATS Ltd. on its proposed acquisition of Worldwide Flight Services (WFS), the world’s largest air cargo handling firm, from an affiliate of Cerberus Capital Management, L.P. The transaction values WFS at an enterprise value of €2.25 billion, with an equity purchase price of €1.18 billion.
The combined group is set to become a global leader in the aviation services sector with more than 200 stations in over 20 countries, covering trade routes responsible for over 50% of all global air cargo volume.
The proposed transaction is expected to complete in March 2023, subject to receiving the requisite SATS shareholder and regulatory approvals. Following the successful completion of the transaction, WFS will become a wholly-owned subsidiary of SATS Ltd.
“We are delighted to have assisted SATS on this landmark acquisition,” said Singapore corporate partner Sharon Lau. “The transaction brings together two prominent, complementary companies to create a global leader in aviation services.”
The Latham team was led by Singapore partner Sharon Lau, with partner Michael Sturrock, associates Penelope Davey, Tommy Tan, Jonathan Wah, and Hong Kong associate Rita Hong, with assistance from Singapore associates Carolyn Wong and Cherine Teh. Advice was also provided on finance matters by Singapore partner Timothy Hia, with associates Chuan Wei Kong and Marc Tan; on commercial contracts, intellectual property, and data privacy matters by Singapore associates Esther Franks, Gen Huong Tan, and Zoe Wang, and Tokyo associate Benjamin Han; on US regulatory matters by Washington, D.C. partner Damara Chambers and San Francisco partner Joshua Holian, with Washington, D.C. counsel Andrew Galdes and Ruchi Gill, and associates Matthew Gregory, Allen Perry, Blake Page and Asia Cadet; on European antitrust and regulatory matters by Brussels partner Luca Crocco and Frankfurt partner Max Hauser, with Hamburg counsel Jana Dammann de Chapto, Brussels associate Jérôme de Ponsay, and Frankfurt associates Anne Haas and Nicolas Jung; on European regulatory matters by London partner Rob Moulton; on employment matters by London partner Sarah Gadd, with London associates Paul Lawrence and Olivia Sadler, and Paris associates Romain Nairi and Cosma Scutiero; on US corporate law matters by New York partner Jane Greyf, with associate McKenzie Southworth, and Los Angeles associate Brent Webber; on French corporate law matters by Paris partner Charles-Antoine Guelluy, with associate Juliette Macé; on Spanish corporate law matters by Madrid counsel Luis Lozano, with associates Alejandro Albiñana Arroyo, José Luis Bootello and Jesús Miralles de Imperial; on German corporate law matters by Düsseldorf associates Juan Garcia and Alexander Pfeifer; on real estate matters by London partner Quentin Gwyer, with London counsel Michael Beanland, Chicago counsel Jeffery Anderson, and Chicago associate Matthew Mrazek; on environmental matters by London partner Paul Davies and Orange County partner Christopher Norton, with London counsel Michael Green, and associate James Bee; on tax matters by London partner Karl Mah, with associates Lina Le Roux and Mini Kyprianou; and on W&I insurance matters by Singapore counsel Michael Rackham.