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Third bidder on the horizon for PCCW

26 Jun 2006

A consortium of investment firms is considering joining a bidding war for the telecoms and media assets of Hong Kong’s PCCW, local media reported Friday. A group comprising UK-based Ashmore Investment Management, Spinnaker Capital Group and Clearwater Capital was holding talks with PCCW’s advisor Lehman Brothers on Friday, the South China Morning Post reported. The consortium may place a bid to rival US private equity house TPG Newbridge Capital and Australia’s Macquarie Group. None of the companies involved have confirmed the value of the bids, but Hong Kong media reported Thursday that Macquarie offered more than HKD50 billion (USD6.44 billion) in cash and debt, while Newbridge offered between HKD55 billion and HKD60 billion in cash; a Newbridge spokesperson warned that the estimate was ‘speculative’.

Hong Kong, HKT (incl. CSL), PCCW Group

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