SINGAPORE - The Optus Satellite sale train - valued at about A$2 billion (S$2.3 billion) - continues to chug along, with bidding moving to the second round and two private equity firms dropping out, according to Bloomberg.
According to unnamed sources, KKR & Co and Carlyle Group have dropped out of the bidding for SingTel's Australian satellite unit, Bloomberg said on Wednesday.
Hanging in there, however, are industry operators - Eutelsat, SES and Inmarsat.
At the same time, a group comprising TPG Capital, Blackstone Group and Malaysia's Measat Global have also made it into the second round.
SingTel declined to comment on this latest development.
Its last statement on the matter was in March, which said that the group was placing Optus Satellite under "strategic review".
This round comes on the back of one which reportedly happened on June 14 and will be followed by a third and final round, said to be happening next month when final offers from two or three select bidders are submitted.
This deal is set to be the largest telecommunications deal in Australia in more than a decade, according to data compiled by Bloomberg.