Singapore Telecommunications (SingTel) has decided to halt plans to sell off its Australian satellite unit following a strategic review, Bloomberg reports. In a statement confirming the development the company noted: ‘Based on the review, SingTel is committed to growing and investing in the satellite business.’
As previously reported by CommsUpdate, in March 2013 SingTel selected Morgan Stanley and Credit Suisse banks to play the lead role in a review of Optus Satellite, ahead of a possible sale, with the Singapore-based company at the time said to have valued the subsidiary at around AUD2 billion (USD1.93 billion). Just last week, meanwhile, it was revealed that at least two offers had been made for the satellite unit in the final round of bidding, with one of those said to have come from Intelsat. Alongside Intelsat, it was understood that the second offer came from a consortium made up of Blackstone Group LP, TPG Capital and Malaysia’s MEASAT Global, although this offer was said to be subject to further due diligence as the information provided was not deemed sufficient to arrive at a firm valuation for the Australian company, one of the sources claimed.