{"id":1661386,"date":"2022-09-28T05:07:44","date_gmt":"2022-09-28T09:07:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1661386"},"modified":"2022-09-28T05:07:58","modified_gmt":"2022-09-28T09:07:58","slug":"singapores-sats-buying-worldwide-flight-services-for-1-1-billion-to-create-global-leader-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/singapores-sats-buying-worldwide-flight-services-for-1-1-billion-to-create-global-leader-2\/","title":{"rendered":"Singapore\u2019s SATS buying Worldwide Flight Services for $1.1 billion to create global leader"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsingapores-sats-buying-worldwide-flight-services-for-1-1-billion-to-create-global-leader-2%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1661386&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Yantoultra Ngui<\/p>\n<p>SINGAPORE (Reuters) -Singapore-based ground handling services firm SATS Ltd is acquiring Paris-based Worldwide Flight Services (WFS) for 1.19 billion euros ($1.14 billion) cash, to create the world\u2019s biggest global air cargo handler, the companies said.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>\u201cThis is a transformational opportunity for SATS and our proposed acquisition of WFS will create a global leader\u2026,\u201d Kerry Mok, SATS\u2019 CEO, said in a statement on Wednesday.<\/p>\n<p>SATS is buying WFS from an affiliate of U.S. private equity firm Cerberus Capital Management.<\/p>\n<p>The deal will be the biggest acquisition by SATS, which has a market value of S$4.35 billion ($3 billion) and counts state investor Temasek Holdings as its single biggest shareholder, according to Refinitiv data.<\/p>\n<p>Last week, Bloomberg News reported SATS had sounded out financing for a potential deal which could be worth about $3 billion.<\/p>\n<p>SATS had told the Singapore bourse that it was in talks to buy WFS but said the Bloomberg report contained \u201cmaterially inaccurate facts\u201d.<\/p>\n<p>Trading in shares of SATS were halted earlier on Wednesday.<\/p>\n<p>SATS said the purchase would be \u201cimmediately financially accretive\u201d on a proforma basis and raise SATS\u2019 earnings per share by 78% to 3.2 Singapore cents from 1.8 cents reported for the year to March, and increase revenue by more than 200%.<\/p>\n<p>WFS reported 1.722 billion euros in revenue and earnings before interest, taxes, depreciation, and amortization of 232 million euros for the year ended March 2022.<\/p>\n<p>Founded in 1984, WFS is the world\u2019s largest air cargo logistics provider and a leading provider of ground handling and technical services. It has more than 300 customers and employs 32,300 staff, the company said.<\/p>\n<p>($1 = 1.0458 euros)<\/p>\n<p>($1 = 1.4468 Singapore dollars)<\/p>\n<p> (Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman and Elaine Hardcastle)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/singapores-sats-to-buy\/attachment\/sats-food-services-restock-a-singapore-airlines-plane-at-changi\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8R098-BASEIMAGE-1.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8R098-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Yantoultra Ngui SINGAPORE (Reuters) -Singapore-based ground handling services firm SATS Ltd is acquiring Paris-based Worldwide Flight Services (WFS) for 1.19 billion euros ($1.14 billion) cash, to create the world\u2019s<\/p>\n","protected":false},"author":66,"featured_media":1889293,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1661386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/singapores-sats-buying-worldwide\/?utm_source=rss&utm_medium=rss&utm_campaign=singapores-sats-buying-worldwide","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1661386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1661386"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1661386\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889293"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1661386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1661386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1661386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}