SATS in talks to buy Worldwide Flight Services in reported $3 bln deal (updated)

Sats

21/09/2022 11:23

(Adds details about the potential deal)
    Sept 21 (Reuters) - Singapore-based ground handling services
firm SATS Ltd  SATS.SI  on Wednesday confirmed that it is in
discussions to acquire air cargo logistics company Worldwide
Flight Services.
    Bloomberg had reported earlier in the day that the potential
deal could be worth as much as $3 billion, and that SATS had
sounded out financing for the potential purchase.  urn:newsml:reuters.com:*:nL4N30S1I8  
    SATS, which also provides in-flight catering services, has
said discussions concerning the transaction are developing and
there is no certainty that it will proceed. Definitive terms for
a potential acquisition have not been reached yet, it said.
    Shares in SATS were up 0.7% at S$4.09 on Wednesday, but were
halted after the Bloomberg report. 
    Paris-based Worldwide Flight Services is owned by private
equity firm Cerberus Capital Management. It operates in more
than 165 locations across 17 countries, and is the world's
biggest air cargo operator, according to the company's website. 
    The company did not immediately respond to a Reuters request
for comment. 

 (Reporting by Harish Sridharan in Bengaluru; editing by
Uttaresh.V)
 ((Harish.Sridharan@thomsonreuters.com; Twitter: https://twitter.com/damnit_saladin;))