SATS says its wholly-owned subsidiary, SATS Investments Pte Ltd (SIPL), has completed the acquisition of Japan Airlines International Co., Ltd’s (JALI) entire stake of 50.7% in TFK Corporation (TFK).

The purchase consideration of ¥7.8 billion ($122 million) was fully satisfied in cash and funded through debt. Following the completion, SIPL now owns 504,195 shares or a 53.8% stake in TFK.

TFK and its subsidiaries, namely K.K. Inflight Foods, Narita Dry Ice K.K., New Tokyo Service K.K., Tokyo Flight Kitchen Restaurantes LTDA and TFK International (N.Z), will now become subsidiaries of SATS.

Clement Woon, SATS President and Chief Executive Officer, says: “We warmly welcome TFK into the group. Both Japan’s primary air hubs at Narita and Haneda are undergoing an exciting phase of growth and TFK’s presence at these hubs will strengthen SATS’ inflight catering business. We remain committed to the aviation food solutions business and look forward to serving our key customers at these new SATS’ locations.”