Fergie's Tech Blog

U.S. Shoots Down AsiaSat $295M Deal

Tom Mitchell writes on FT.com:

The US state department has shot down a proposed $295m deal to take private the Hong Kong-based satellite operator Asia Satellite Telecommunications, invoking export approval powers dating back to the cold war.

GE Capital Equity Investments of the US and Beijing-controlled Citic Group together control 68 per cent of AsiaSat, and had offered to buy out the company’s minority shareholders.

However, the deal was subject to approvals from several governments. AsiaSat says the state department “has in correspondence with [the company] said it will not grant the approval necessary to implement the proposed privatisation”.

posted by Fergie @ 4/25/2007 03:23:00 PM