real-time news and commentary for investors
Thursday, Aug 8
SingTel receives 2 offers for Australian satellite unit - Reuters
- SingTel (SGAPY.PK) has received 2 offers for Optus, its Australian satellite services business, Reuters reports. The Singaporean, state-owned, telecom operator has been shopping the unit since March, and has set a reserve price of $1.8B.
- Newly-public Intelsat (I), the world's largest provider of satellite services, reportedly submitted the first bid ahead of this week's deadline.
- The second offer is said to have come from a consortium made up of Blackstone, TPG Capital, and Mayalysia's MEASAT Global.
- Of the 6 bidders on a short list, France's Eutelsat and SES dropped out in July. It's unknown whether two other names on the list, Apollo Capital and Japan's Sky Perfect JSAT, have submitted bids yet.
- A deal isn't guaranteed to happen. Blackstone's offer is reportedly subject to additional due diligence, and SingTel could choose to float an IPO for Optus if the highest offer for the unit is deemed unsatisfactory.