US-owned private equity house Newbridge Capital has led a USD125 million offer to buy 25% of shares in Singapore-listed Pacific Century Regional Developments (PCRD) from minority shareholders, which would give it and its associates a 6% stake in Hong Kong’s largest fixed line operator PCCW-HKT. The telco’s biggest shareholder Richard Li controls PCCW with a 31.9% stake through his 75% interest in PCRD; PCCW’s second largest stakeholder is China Netcom with 20%. If the Newbridge buyout is successful, PCRD will be delisted from the Singapore stock exchange. Newbridge says it interested in PCCW partly because of its broadband TV services, offered under the Now banner. The US firm, which serves as the Asian investment arm of Texas Pacific, already owns stakes in other Asian telcos including Japan Telecom and Korea’s Hanaro Telecom.