SATS seeks shareholders’ approval for WFS takeover
03 / 01 / 2023
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.