The Carlyle Group Agrees to Acquire General Electric’s Stake in AsiaSat (Asia)

Source: Asia Satellite Telecommunications Holdings, Greater China Private Equity Review | Author(s): Stephen Leung

Global alternative asset manager The Carlyle Group has agreed to purchase multinational conglomerate General Electric’s stake in holding company Bowenvale, which holds a 74 percent stake in Hong Kong-listed Asia Satellite Telecommunications Holdings (AsiaSat), for as much as HKD3.75 billion (approximately US$483 million). AsiaSat is a commercial operator of communication spacecrafts. Carlyle will then offer to acquire all outstanding shares of AsiaSat to take the company private, in a deal that values the company at as much as HKD10.2 billion (approximately US$1.3 billion). The transaction, which is subject to shareholder approval and other conditions, will be structured through Carlyle Asia Partners IV.