27 March 2023

Allen & Gledhill, as transaction counsel, advised SATS Ltd. (“SATS”) on the S$1.82 billion acquisition of Promontoria Holding 243 B.V. (“WFS Acquisition”) and its S$798.9 million renounceable underwritten rights issue of new ordinary shares (“Rights Issue”).

In terms of deal size, the Rights Issue, which will raise gross proceeds of approximately S$798.8 million, is (at the time of launch) Singapore’s largest rights issue in 2023 thus far.

The WFS Acquisition is partly funded by a three-year Euro-denominated term loan of approximately S$700 million from SAT’s principal bankers, net proceeds from the Rights Issue, and cash from SAT’s existing cash balance to fund the remainder of the total acquisition cost.

Advising SATS as to Singapore law for the Rights Issue is Allen & Gledhill Partner Leonard Ching.

Advising SATS as to Singapore law for the WFS Acquisition are Allen & Gledhill Partners Christopher Ong, Christopher Koh, Michele Foo and Yap Lune Teng.

Advising SATS in terms of Singapore competition law for the WFS Acquisition is Allen & Gledhill Partner Scott Clements.

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