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Zhong Lun Advises Temasek-Backed SATS Ltd. on Acquiring 40% Stake in Nanjing Weizhou Airline Food
Zhong Lun Advises Temasek-Backed SATS Ltd. on Acquiring 40% Stake in Nanjing Weizhou Airline Food
SATS Ltd. (SGX: S58, “SATS”), a Singapore-headquartered company and part of Temasek Holdings’ portfolio, stands as one of the world’s largest air cargo handlers and a leading provider of airline catering across Asia, with operations spanning the Asia-Pacific, the Americas, Europe, the Middle East, and Africa. Following its 2023 acquisition of Worldwide Flight Services (WFS), the combined network now spans over 225 stations across 27 countries, covering trade routes that represent more than half of the world’s air cargo volume. SATS has been publicly traded on the Singapore Exchange since May 2000.
Building on its initial 50% stake acquired in 2019, SATS completed the purchase of an additional 40% in Nanjing Weizhou Airline Food Corp., Ltd. (“NWA”) on June 30, 2026. The transaction, valued at approximately RMB 313 million (about SGD 58.3 million), increased SATS’ total equity interest in NWA to 90%.
Established in 2001, NWA is a leading aviation food manufacturer in Jiangsu Province, China, known for supplying high-quality frozen meals, snacks, and related products to airlines nationwide. Leveraging its innovative catering hub in Nanjing, NWA is continuously expanding its business footprint through a strategically located network of on- and off-airport assembly kitchens spanning the country. This model has solidified its leadership in China’s frozen aviation meal market, recognized for both operational excellence and product quality.
Zhong Lun Law Firm served as legal counsel to SATS, delivering comprehensive support throughout the transaction. The firm’s work included legal due diligence, regulatory analysis, deal structuring, drafting and revision of transaction documents, commercial negotiations, tax advisory and filings, and closing coordination. The project was led by partner Wayne Wang, with partner Jianqing Ding focusing on due diligence, and partners Peter Ni and Yi Xue providing expertise in tax and antitrust matters, respectively. Key contributions came from lead associates Claire Wei and Brenda Wang, supported by non-equity partner Simon Feng and associates Nina Liu, Qiantong Lu,Xuyu Lin, and Wei Yu, as well as Handong Bao.
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Yi XUE
Equity Partner
BeijingPractices： Antitrust & Competition,Cross-border Investment/M&A,Cybersecurity & Data ProtectionIndustries： Energy & Power,Mining & Natural Resources,Intelligence Technology & Application,Pharmaceuticals & Life Sciences,Media, Sports & Entertainment -
Yi XUE
Equity Partner
Beijing
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