Singapore Airlines to acquire 70% in retail JV DFASS SATS

A Singapore Airlines Boeing 777-300ER, with Tail Number 9V-SWR, lands at San Francisco International Airport, San Francisco, California, April 16, 2015. REUTERS/Louis Nastro

Singapore’s national carrier Singapore Airlines (SIA) will acquire 70 per cent stake in the in-flight sales company DFASS SATS Pte Ltd, a joint venture owned by ground handler Sats and duty-free retailer DFASS, in a bid by the airline to offer travel-related retail operations in Singapore.

Financial details of the deal were not disclosed. However, in an exchange listing on Thursday, the airline said, its investment in the 70 per cent share in the proposed JV will be funded through its internal resources.

DFASS SATS Pte is currently equally owned by DFASS (Singapore) and SATS subsidiary SATS Asia-Pacific Star Pte Ltd (APS). However, following the deal, DFASS (Singapore) and APS will each retain 15 per cent under the terms of the agreement, the announcement said.

“The joint venture will enter into a management contract with DFASS and SATS to leverage the expertise of the two companies in the specific fields and will operate as a separate omni-channel business unit with dedicated staff. The technological platform will be developed in conjunction with DFASS exclusive partner, AOE, the world’s leading non-aviation digitalisation company,” SIA said.

DFASS SATS Pte currently operates KrisShop for the national airline and regional arm SilkAir, as well as the Scootalogue programme for its low-cost subsidiary Scoot, under contract arrangements.

The deal, subject to conditions, is expected to be firmed up in the third quarter of 2018.

This is the second such partnership within a week for the airline that signed three long-term contracts with American conglomerate Honeywell to help improve the operational capabilities for itself, SilkAir and Scoot carriers.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.