Singapore is boosting its hub status as global recession fears loom. Aviation services group SATS is acquiring the world’s largest air cargo logistics provider for $2.2 billion from U.S. buyout firm Cerberus. The backing of its sovereign fund shareholder Temasek will help the buyer complete a supporting equity issuance, equivalent to 40% of its $3 billion market capitalisation, in a grim market.
the world’s largest air cargo logistics provider for $2.2 billion from U.S. buyout firm Cerberus. The backing of its sovereign fund shareholder Temasek will help the buyer complete a supporting equity issuance, equivalent to 40% of its $3 billion market capitalisation, in a grim market.
, a rival to Dnata and Swissport, has almost no geographical overlap with its acquirer. The enlarged entity will be present in 23 countries and handle 9 million tonnes of goods annually, giving it an edge over smaller competitors in attracting customers like e-commerce firms and vaccine-makers that want to work with a single global provider to minimise supply chain issues.
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