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Brookfield Asset Management is set to acquire World Freight Company (WFC) for an enterprise value of approximately USD 1.2 billion from investment firms EQT and PAI Partners, according to two people familiar with the matter.
The firms have finalized discussions, and the deal is expected to be announced on Thursday, May 14, according to the sources.
Brookfield and EQT declined to comment to Reuters, while PAI and WFC did not immediately respond to the agency's requests for comment.
The planned sale comes amidst global transport volatility, as the war in Iran has driven up fuel prices and air freight rates, causing severe disruptions to air traffic and and shipping routes.
Founded in 2004 in Paris, WFC acts as a general sales and service agent for airlines worldwide, meaning it holds exclusive rights to sell an airline's cargo capacity under agreed terms in a specific territory or region, thereby reducing the airline's costs.
Comprised of over 300 entities in 80 countries, WFC states on its website that its network annually manages over 3 million tons of capacity for its partner airlines.
PAI and Baring Private Equity Asia (BPEA) - which integrated into the Swedish firm EQT in 2022 - bought the freight transport service provider in 2018 for an undisclosed amount, with each owning 50%.
The deal was valued at over 600 million euros, Reuters reported at the time.
EQT and PAI sounded out potential buyers for the company in 2021, hoping to fetch more than 1.5 billion euros (USD 1.73 billion) from the sale.
Source: PortalPortuario
