Although Sats moved swiftly to clarify a week later that the buyout would be financed through a mix of an $800 million rights issue, a $700 million term loan and $320 million in cash, the acquisition was still met with scepticism.
Initially doubted, Sats’ WFS deal has built a global network that steers the flow of international trade
When Sats, the Singapore-listed ground handler and catering firm, announced plans to acquire global cargo handler Worldwide Flight Services (WFS) in late 2022, the move was widely seen as “unloved” by investors and some analysts. Sats’ share price dropped more than 20% that day amid speculation it would fund the $1.7 billion deal entirely through equity.
