KKR, Blackstone, Carlyle among bidders for SingTel Australia unit - report
KKR, The Blackstone Group and The Carlyle Group are said to have submitted first-round bids for Optus Satellite, the Australian satellite unit of Singapore Telecommunications (SingTel).
According to Reuters, other bidders include telecommunication companies Eutelsat and Inmarsat, of France and the UK, respectively. Bloomberg reported that SES, the world's largest publicly traded satellite operator, was also among the bidders.
SingTel is looking to sell the unit for more than A$2 billion ($1.9 billion). It would be the third-largest M&A deal in Australia this year, after Industry Funds Management's acquistion of long-term leases for Botany and Kembla ports, and State Grid Corp. of China's purchase of Australian power, energy and infrastructure assets from Singapore Power.
Optus Satellite provides television, radio, phone, data and military signals to Australia, New Zealand and parts of the Antarctic, and is scheduled to launch its sixth satellite this year. The unit serves more than two million households and companies, including the likes of Australian Broadcasting Corporation, News Corporation and the Australian Department of Defense.
SingTel, which is controlled by Temasek Holdings, bought Optus Satellite in 2001 as part of the acquisition of Optus, Australia's second-largest telephone services provider. It is now keen to divest the business and deploy the proceeds in fast-growing businesses in order to offset slowing sales in Australia and Singapore.
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