Temasek Holdings (Pte) Ltd, Siam Commercial Bank Pcl (SCB) and a group of Thai investors, through Kularb Kaew Pcl, have reached an agreement to acquire a 49.6 percent stake in Shin Corp.

The investor group will pay 73.3 billion Thai baht ($1.9 billion) for the 1.5 billion shares held by the Shinawatra and Damapong families. The purchase price values the shares at 49.25 Thai baht ($1.26) apiece.

Under the agreement, Cedar Holdings Limited and Aspen Holdings Limited, a pair of companies incorporated in Thailand, will acquire 38.6 percent and 11 percent of Shin, respectively. Cedar is 49 percent owned by Temasek, with the remaining 51 percent held by SCB and Kularb Kaew. Aspen is an indirect wholly owned subsidiary of Temasek. Cedar and Aspen plan to launch a tender offer for the remaining shares of Shin Corp. that they do not already own.

Shin Corp. owns Shin Satellite, which operates the IPStar satellite.