SATS Ltd. entered into share sale and purchase agreement to acquire 41.65% stake in PT Cardig Aero Services Tbk from Puncak Cemerlang B.V. and The Baring Asia Private Equity Fund IV L.P., managed by Baring Private Equity Asia for IDR 1.1 trillion.

SATS Ltd. (SGX:S58) entered into share sale and purchase agreement to acquire 41.65% stake in PT Cardig Aero Services Tbk (JKSE:CASS) from Puncak Cemerlang B.V. and The Baring Asia Private Equity Fund IV L.P., managed by Baring Private Equity Asia for IDR 1.1 trillion in cash on February 19, 2014. The transaction will be funded through existing cash reserves of SATS. The transaction is expected to be completed on February 20, 2014.

The Hongkong and Shanghai Banking Corporation Limited (Singapore) acted as financial advisor for SATS. Sugianto Osman, Dede Fikry, Lewi Aga Basoeki, Lian Chuan Yeoh, Denise Ng, Dede Fikry, Anggraini Dewi, Alun Evans, James Mythen, Deska Widianto and Treasuri Tamara of Allen & Overy Singapore acted as legal advisor to SATS.