Aircraft ground handling and food services provider SATS said it will sell its non-aviation UK business for approximately S$304 million (151 million pounds).

In a stock exchange filing on Tuesday, SATS announced that it entered into a share sale and purchase agreement to sell Daniels Group to Hain Celestial Group.

The deal also includes a potential additional deferred consideration of up to 13 million pounds (S$26 million) over the next two years if certain EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) targets for the Daniels Group are met.

The Daniels Group produces and distributes packaged food products such as drinks and ready meals.

SATS said a review of the Group’s strategy and business options led to the divestment.

Source: CNA