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

Credit: REUTERS/Rick Wilking

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.

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;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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