Worldwide Flight Services (“WFS”) today announced that SATS Ltd. (“SATS”) has reached an agreement to acquire WFS from an affiliate of Cerberus Capital Management (“Cerberus”). The transaction is valued at an enterprise value of €2.25 billion.

The transaction will bring together WFS, the world’s largest air cargo handler with leadership positions in the Americas and Europe, and SATS, the leading provider of aviation services in Asia.

This combination creates a first-of-its-kind global air cargo platform with scale and a network of stations across Asia, the Americas, and Europe.