AsiaSat sells SpeedCast to a private equity giant
The Asian satellite operator AsiaSat has sold its SpeedCast subsidiary to one of the world’s oldest and largest private equity companies, TA Associates.
The sale has been made through SpeedCast Acquisitions Limited, a wholly-owned subsidiary of TA Associates.
Since its inception in 1999, SpeedCast has used AsiaSat’s satellite capacity for satellite-based broadband services and is currently offering high-quality managed network services in more than 30 countries throughout Asia, the Middle East and Africa.
AsiaSat has said that when the transaction is complete, it will continue to be a significant supplier of satellite capacity and technical services for SpeedCast.
AsiaSat President and Chief Executive Officer William Wade said: “We believe the disposal of this non-core asset will benefit SpeedCast’s long term growth while offering an attractive opportunity for AsiaSat to realise its investment in this successful business. The proceeds from the disposal will serve as general funds for further growth of our core business.”