Carlyle nearing first SE Asia deal with Indonesia telecom investment

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Global buyout house Carlyle is said to be nearing its first South East Asian investment with the purchase of a 25 per cent stake in an Indonesian telecom tower operator.

The firm hopes to pick up the share in publically-traded Solusi Tunas Pratama (STP) for about $100m, according to Reuters, which cited sources with knowledge of the deal.

The deal is not Carlyle’s first effort at investing in Southeast Asia, the report said, citing a previous auction in which it attempted to buy a minority stake in Indonesian packaged food company GarudaFood Group.

STP was launched in 2006 to take advantage of expected continued growth in the Indonesian wireless communication industry.

The company has a market value of $360m and 1,322 towers, mostly around the capital Jakarta, according to its website.

In March this year private equity-backed Indonesian telecommunications operator Tower Bersama Infrastructure sold eight per cent of its shares on the secondary market.

Saratoga Capital subsidiary Saratoga Infrastruktur held a 25.83 per cent stake in the company prior to the transaction, while Provident Capital Indonesia and Wahana Anugerah Sejahtera each held 25.1 per cent.

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