SATS seeks shareholders’ approval for WFS takeover

By Rebecca Jeffrey

SATS will hold an Extraordinary General Meeting (EGM) on January 18 to seek shareholders’ approval for the proposed acquisition of air cargo handler Worldwide Flight Services (WFS).

The Singapore-based aviation services company struck a deal last September to buy WFS from an affiliate of asset investor Cerberus Capital Management in a deal with an enterprise value of €2.25bn.

Last month, SATS finalised its funding plan for the proposed acquisition.

The funding plan for the total acquisition cost of S$1.8bn is a mix of term loan and renounceable underwritten rights issue, with the remaining amount financed by internal cash balance.

WFS has operations in the Americas and Europe.

A joint statement issued at the time of the acquisition announcement said that the combination creates a first-of-its-kind global air cargo platform with scale and a network of stations across Asia, the Americas, and Europe.

SATS secures funding plan for WFS takeover

SATS to buy Worldwide Flight Services in €2.25bn deal

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Rebecca Jeffrey

Rebecca Jeffrey
New to aviation journalism, I joined Air Cargo News in late 2021 as deputy editor. I previously worked for Mercator Media’s six maritime sector magazines as a reporter, heading up news for Port Strategy. Prior to this, I was editor for Recruitment International (now TALiNT International). Contact me on: [email protected]