SATS says wholly-owned subsidiary, SATS Investments, has entered into an agreement to purchase Japan Airlines International Co.’s (JALI) entire stake of 50.7% in TFK Corporation (TFK) for ¥7.8 billion ($122 million).

The acquisition is targeted to complete by December. Upon the completion of this acquisition, TFK will become a subsidiary of SATS.

TFK is the leading airline caterer in Japan. It has a strong presence at both Narita and Haneda Airports, the two major international gateways of Japan. Currently, TFK serves about 30 international airlines including Japan Airlines and Air France, which has a minority stake in TFK.

Established in 1959, TFK was founded by the Nomaguchi family. Following JAL’s acquisition of 50.7% stake in TFK in 2000, the Nomaguchi family’s shareholding currently stands at 43.2% with Air France holding a 0.3% stake. The remaining 5.8% stake represents treasury shares held by TFK.

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