Linklaters and Bakers on board for €1.2bn private equity sale of airport services company
Magic circle firm leads for Cerberus as Bakers advises longstanding private equity client
June 22, 2018 at 04:55 AM
2 minute read
Linklaters and Baker McKenzie have checked in for lead roles on Cerberus Capital Management's €1.2bn (£1.05bn) acquisition of airport services company Worldwide Flight Services (WFS).
WFS is among the world's largest air-cargo handlers, with 22,800 employees serving about 300 airlines in airports across 22 countries. Since 2015 it has been owned by US private equity house Platinum Equity, which acquired it from French PE firm LBO France.
Linklaters acted for Cerberus on the deal, with a team led by corporate partners Ben Rodham and Chris Boycott, assisted by leveraged finance partners Daniel Gendron and Alexander Naidenov.
The magic circle firm also advised the US private equity firm in 2015, when it bought £13bn-worth of former Northern Rock mortgages from the UK Government.
Cerberus has built up a wide and varied portfolio during its 26-year history, acquiring businesses operating in the healthcare and transport sectors, as well as in pensions and insurance.
Bakers, meanwhile, advised longstanding client Platinum Equity on its sale. The firm's team was led by global private equity head David Allen, with support from senior associate James Adams.
Bakers has a 20-year association with Platinum, having previously advised the firm on its original acquisition of WFS, as well as WFS's subsequent purchase of Consolidated Aviation Services. It also advised Platinum on its acquisition of Hays Logistics in 2003.
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