CSL and NWM to merge

17 Nov 2005

Australian telco Telstra has confirmed speculation that it plans to merge its Hong Kong wireless arm Hong Kong CSL with rival New World Mobile (NWM). The merger, which will create the Special Autonomous Region’s largest operator in terms of subscribers, will leave Telstra with 76.4% of the enlarged company and New World Mobile Holdings with the remainder. Telstra, which is 51.8% owned by the state, will also receive HKD244 million in cash. Telstra bought CSL from Hong Kong’s fixed line operator PCCW for USD2.2 billion in 2000.

Hong Kong