CHINA Communication Technology (CCT) is among final bidders for Asia Broadcast Satellite, the communications operator being sold by European private equity firm Permira, sources familiar with the matter said.

    CCT, a Shenzhen-based provider of military communication equipment, is in the advanced stages of negotiations with Permira, the sources said. Permira had been seeking to value the business at about US$1 billion. There are still other bidders interested in Asia Broadcast Satellite, according to one of the sources.

    Permira acquired control of Asia Broadcast Satellite in 2010 in a 184 million-euro (US$195 million) deal. The company, led by chief executive officer Thomas Choi, owns a fleet of seven satellites that beam television and mobile phone signals to Europe, the Middle East and Asia. The firm’s latest orbiter was launched in June 2016.

    CCT hasn’t reached a final agreement with Permira on terms, and there’s no certainty the talks will result in a transaction, the sources said. A spokesman for CCT declined to comment, while a representative for Permira didn’t immediately respond to requests for comment.

    CCT is the largest shareholder in Shenzhen-listed Huaxun Fangzhou Co., which has a market value of US$1.8 billion. Huaxun Fangzhou chairman Lu Xiangyang is the co-founder of and one of the largest shareholders in Hong Kong and Shenzhen-listed electric car maker BYD Co., the data show. (SD-Agencies)