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The SingTel Group is Asia's leading communications group. We provide a wide spectrum of multimedia and infocomms technology (ICT) solutions, including voice, data and video services over fixed and wireless platforms. More
Wednesday, Aug 149:13 PMSingTel pulls the plug on sale of Optus Satellite unit
Wednesday, Aug 149:13 PM| Comment!
- 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."
Thursday, Aug 88:32 PMSingTel receives 2 offers for Australian satellite unit - Reuters
Thursday, Aug 88:32 PM| Comment!
- 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.