AsiaSat stake bought by Carlyle Group

There are major plans ahead for AsiaSat, and which might end up with AsiaSat being delisted from the Hong Kong stock exchanged.

The starting point is that investment fund Carlyle Group has agreed to buy General Electric’s stake in AsiaSat for HK$3.75 billion (US$483m). This move – if enough holders of Chinese government-backed bonds agree – will prompt the delisting scheme.

General Electric owns the ‘Bowenvale’ 49.5 per cent economic interest in AsiaSat (which was once in the hands of SES). Bowenvale actually owns 291.17 million shares in AsiaSat (about 74 per cent of the company). Chinese investment business CITIC holds the other 50 per cent economic interest in the satellite operator.

Carlyle will use its Carlyle Asia Partners IV fund to complete the acquisition.

The deal values AsiaSat at least at HK$ 9.71 billion, or possibly as much as HK$10.17 billion, if the more all-encompassing deal goes ahead.

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