- Singapore Telecommunications (SGAPY.PK -1.2%) has decided to forego selling its Optus Satellite unit, which it acquired in its $9.69B purchase of Australia's Optus back in 2001.
- CEO Chua Sock Koong: "The outcome of the review is that it would create the most value if we continue to keep ... and to invest in the business."
- The company wanted more than $1.8B for the unit. Intelsat (I -2%) and a consortium made up of Blackstone, TPG Capital, and Mayalysia's MEASAT Global reportedly submitted bids last week. A source states the consortium was not willing to make an offer above $1.7B.
- UOB Kay-Hian analyst Jonathan Koh: "SingTel’s management, they feel that it’s a strong and attractive business ... The margins are very high but the direct synergies are very minimal."
SingTel pulls the plug on sale of Optus Satellite unit
Aug 14 2013, 21:13 ET