Telekom Malaysia Acquires Control of Kendall Court-backed Packet One Networks (Asia)

Source: Kendall Court

Integrated telecommunications company Telekom Malaysia has agreed to acquire a 57 percent equity stake in Malaysia-based wireless broadband services provider Packet One Networks (P1) for MYR350 million (approximately US$107 million). The acquisition will facilitate the exit of Southeast Asia-focused mezzanine fund manager Kendall Court, which led a US$51 million syndicated financing of P1 via loan and warrant instruments in August 2012. Telekom Malaysia’s equity investment in P1 is part of a larger MYR2.2 billion (US$670 million) financing round in support of further investment in Long Term Evolution (LTE) broadband infrastructure across Malaysia.