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Proxy adviser Glass Lewis recommends Sats shareholders approve WFS acquisition

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Yong Jun Yuan

Yong Jun Yuan

Published Tue, Jan 10, 2023 · 11:52 PM
    • Glass Lewis says Sats has access to other funding sources to fully fund the proposed transaction, including the acquisition bridge facility of S$1.7 billion.
    • Glass Lewis says Sats has access to other funding sources to fully fund the proposed transaction, including the acquisition bridge facility of S$1.7 billion. PHOTO: BT FILE

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    PROXY advisory firm Glass Lewis said in a report published last Friday (Jan 6) that it believes the strategic and financial rationale for Sats ’ acquisition of WFS is “largely sound”, and that it recommends Sats shareholders approve the deal.

    In its report on the deal, the firm noted that the move to acquire WFS could give Sats positions in strategic hubs that connect key trade lanes across North America and Europe, which will complement the company’s current presence in the Asia-Pacific region.

    “The deal should provide the company with enhanced scale, expanded geographic reach and greater business diversification,” the firm said.

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