Asia Satellite Telecommunications Company Limited (AsiaSat) has announced that it has signed an agreement with SpeedCast Acquisitions Limited for the disposal of its entire interest in its wholly owned subsidiary, SpeedCast Holdings Limited (SpeedCast).
Since its inception in 1999, SpeedCast has used AsiaSat’s satellite capacity for the provision of satellite-based broadband services and is currently offering managed network services in more than 30 countries throughout Asia, the Middle East and Africa. Following the conclusion of the transaction, AsiaSat will continue to be a significant supplier of satellite capacity and technical services for SpeedCast.
William Wade, President and CEO of AsiaSat said, “As a founding shareholder of SpeedCast, we are proud to have helped facilitate SpeedCast’s development into a leading provider of global network and satellite communications services. 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.”
SpeedCast Acquisitions Limited is 100% owned by TA Associates, a global growth private equity firm.