Baring Private Equity Asia Sells Its 41.7 Percent Stake in Cardig Aero Services for US$93.5 Million (Asia)

Source: Asian Venture Capital Journal  |  Author(s): Tim Burroughs

Asia-focused private equity firm Baring Private Equity Asia (BPEA) has sold its 41.7 percent stake in Indonesia-based airfreight and passenger services provider Cardig Aero Services (CAS) to Singapore Airport Terminal Services, a ground handling and in-flight catering service provider at Singapore Changi Airport, for IDR1.1 trillion (approximately US$93.5 million). BPEA, structured through BPEA IV, originally invested approximately US$41 million in CAS in December 2011 as the company went public in Jakarta.