SATS shareholders have voted to approve the proposed acquisition of Worldwide Flight Services (WFS) at an extraordinary general meeting (EGM).
96.80 per cent of the total number of votes were in favour of the resolution to approve the transaction.
The EGM was held in person and via electronic means, with voting conducted by poll.
“We are delighted and humbled to have received this affirmative vote of confidence from our shareholders,” said SATS’ president and chief executive officer Kerry Mok. “It is a clear demonstration that our shareholders recognise the strategic value and growth opportunities that this transformational deal will unlock for SATS and all of our stakeholders.
“We will be better positioned to provide our global customer base with end-to-end solutions, while securing a pathway to profitable growth and uplifting our home-market base in Singapore.”
SATS reached an agreement in September to acquire WFS from an affiliate of Cerberus Capital Management in a transaction valued at an enterprise value of €2.25 billion.
With the receipt of shareholder approvals, the proposed acquisition of WFS now remains subject to requisite regulatory approvals. Transaction completion is currently envisaged for March/April 2023, SATS said.
SATS will finance the transaction partly by way of a Proposed Rights Issue to raise up to approximately S$800 million. The terms and timing of this issue “will be determined by SATS in agreement with its underwriters and published at the appropriate time”, the company said.