A Permira Funds-backed equity firm has reached an agreement to acquire Kingsbridge Ltd., the holding company for Asia Broadcast Satellite (ABS), which will result in Permira becoming the majority shareholder of ABS, the operator announced Sept. 13.
    Citigroup, which has been the majority shareholder of ABS since 2006, agreed to sell their respective interests in the holding company of ABS, along with ADM Capital and certain other shareholders, subject to the terms and conditions of a share purchase agreement dated Sept 9.
    The acquisition of ABS marks the Permira funds’ third investment in Asia since 2007. Permira, which previously made investments in Inmarsat and Intelsat in 2003 and 2005, respectively, said that one of its key near-term initiatives for the Asian operator is to build and launch the new FSS ABS-2 satellite over the Eastern Hemisphere in early 2013.
    ABS supplies bandwidth connectivity to broadcasting and telecom customers, serving over 80 customers in around 30 countries and operates three satellites in orbit under the ABS brand. ABS’ prime orbital locations cover four fifths of the world’s population, targeting markets in Asia, Russia, Africa and the Middle East.
    Financial details of the acquisition were not disclosed.