Singapore markets open in 6 hours 35 minutes
  • Straits Times Index

    3,151.56
    -1.67 (-0.05%)
     
  • S&P 500

    3,756.40
    -26.88 (-0.71%)
     
  • Dow

    29,996.19
    -277.68 (-0.92%)
     
  • Nasdaq

    11,113.16
    -35.47 (-0.32%)
     
  • BTC-USD

    20,096.38
    -85.77 (-0.42%)
     
  • CMC Crypto 200

    457.11
    -6.02 (-1.30%)
     
  • FTSE 100

    6,997.27
    -55.35 (-0.78%)
     
  • Gold

    1,720.90
    +0.10 (+0.01%)
     
  • Crude Oil

    88.60
    +0.84 (+0.96%)
     
  • 10-Yr Bond

    3.8070
    +0.0480 (+1.28%)
     
  • Nikkei

    27,311.30
    +190.80 (+0.70%)
     
  • Hang Seng

    18,012.15
    -75.82 (-0.42%)
     
  • FTSE Bursa Malaysia

    1,420.43
    -0.12 (-0.01%)
     
  • Jakarta Composite Index

    7,076.62
    +1.24 (+0.02%)
     
  • PSE Index

    5,934.27
    -54.32 (-0.91%)
     

SATS says it is in talks to buy air cargo firm Worldwide Flight Services

·1-min read
SATS Food Services restock a Singapore Airlines plane at Changi Airport in Singapore October 24, 2020.  REUTERS/Edgar Su
SATS Food Services restock a Singapore Airlines plane at Changi Airport in Singapore October 24, 2020. REUTERS/Edgar Su

(Adds further details)

Sept 21 (Reuters) - Singapore-based ground handling services firm SATS Ltd said on Wednesday it is in talks to buy Paris-based air cargo logistics company Worldwide Flight Services (WFS).

Bloomberg News had reported earlier in the day that SATS had sounded out financing for the potential deal, which could be for about $3 billion.

The in-flight catering services provider, however, flagged that no definitive terms or formal legal documentation have been agreed upon, and that the report contained "materially inaccurate facts".

SATS, which currently has a market capitalization of $3.26 billion, also said discussions concerning the transaction are developing and there is no certainty that it will proceed.

In a separate statement, WFS confirmed talks with SATS for a possible transaction, but did not divulge any details on the deal.

WFS 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.

Shares in SATS were up 0.7% at S$4.09 on Wednesday, but were halted after the report. (Reporting by Harish Sridharan and Roushni Nair in Bengaluru; editing by Uttaresh.V)