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Private equity groups bid for PCCW subsidiary HKT Group

14 Jul 2008

US private equity house TPG Capital has submitted a bid for a 45% stake in HKT Group Holdings, a newly formed company incorporating the core assets of Hong Kong-based multi-service telco PCCW, reports the Financial Times. PCCW’s chairman and largest shareholder Richard Li set today (Monday) as the deadline for offers for the new company, which includes fixed line, wireless, broadband, pay-TV, media and information technology assets. According to people involved in the transaction quoted by the UK newspaper, TPG has submitted a bid, while another buyout firm Macquarie was reportedly also considering an offer. Macquarie and TPG have previously failed in attempts to gain a direct stake in PCCW, following blocking moves by the Chinese government. Other equity groups believed to be in the frame for HKT Group include Providence Equity Partners, Kohlberg Kravis Roberts and Blackstone. The sale of a minority stake in HKT Group, valued at upwards of USD3 billion, does not require approval from PCCW shareholders as the transaction will not realise a beneficial change in the ownership of the assets in question.

Hong Kong, PCCW Group

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