SingTel said to get bids for AU sat unit
SingTel has reportedly received at least two offers for Australian satellite business Optus Satellite, which it aims to sell for at least A$2 billion ($1.84 billion).
The company is currently involved in the final bidding round for the unit, and has drawn offers from interested parties including Intelsat, Reuters reported citing sources familiar with the sale.
A consortium consisting of Blackstone Group, TPG Capital and MEASAT Global has also made an offer, which is subject to due diligence.
Japan’s JSAT Holdings and US buyout firm Apollo Global Management have also been shortlisted for the final round, but two other shortlisted bidders have recently dropped out from the sale process. The remaining entrants will have until later this week to submit a final takeover offer.
The sources added that SingTel plans to conduct an IPO of the satellite business if it is not satisfied with the takeover offers it receives.
SingTel first revealed it was considering a sale of the Optus satellite business in March. The company took in revenue of around A$319 million in its most recent financial year prior to the announcement.
SingTel acquired the satellite business in 2001 with its $14 billion takeover of Optus.