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SATS is acquiring a further 13 per cent stake in MacroAsia Catering Services (MACS), which will lift the groundhandler's total stake to 33 per cent.
It has entered into a share sale and purchase agreement with MacroAsia Corp (MAC) to acquire 162,500 fully paid up shares, which represent the additional stake in MACS, for PHP 168.8 million (S$5.1 million) and a potential earn out consideration based on certain targets.
MAC will own the remaining 67 per cent of MACS.
"The proposed transaction represents an opportunity for SATS and MAC to strengthen their existing partnership and to grow the scale of MACS' food business in the Philippines," SATS said.
The deal is expected to be completed on or about Aug 31. It is subject to certain conditions and the relevant government approvals.