HONG KONG, Sept 13 (Reuters) - Global private equity fund Permira has acquired satellite operator Asia Broadcast Satellite in a $200 million management buy out from CVCI, sources familiar with the matter told Reuters on Monday.
This is Permira’s third investment in Asia, taking its total exposure to the region to about $2 billion. The investment in ABS was made through Permira 4 fund, which manages about 9.6 billion euros ($12.2 billion).
Founded in 2006 by Thomas Choi, ABS supplies bandwidth connectivity to broadcasting and telecom customers, serving over 80 customers in about 30 countries, Permira said in a statement without disclosing the value of the deal. ABS currently operates three satellites.
“We are busy here,” Henry Chen, head of Permira’s Hong Kong office said. “There is a lot of focus on the growth prospects in this region. So if all goes well, we expect to make more investments in this region,” he added.
Permira focuses on TMT, consumer, industrials and financial services. ABS is the third investment made by the Permira 4 fund, Sources previously told Reuters that Permira is bidding for Taiwan cable company China Network Systems Ltd, in a deal worth about $2 billion. [ID:nTOE67H03F].
Asia has seen several private equity exits this year, which reflects an improvement in the market sentiment. Many more exits are planned. Apart from MBK Partners’ planned sale of CNS, U.S. private equity fund Lone Star aims to exit its majority stake in Korea Exchange Bank 004940.KS. [ID:nSGE67G0BW]. (Reporting by Denny Thomas; Editing by Ken Wills)