PCCW to shortlist potential buyers

15 Jul 2008

Hong Kong’s PCCW expects to shortlist bidders for a 45% stake in a newly formed telecoms, media and IT unit HKT Group Holdings within a month, after receiving an estimated eight expressions of interest from potential buyers including private equity firms, Reuters reports. The stake is expected to be worth upwards of USD2.5 billion. PCCW’s managing director Alex Arena told reporters this morning that some of the interested companies had broadband television investments in Taiwan and South Korea, but did not name any private equity groups, although Reuters has previously identified TPG Capital, Macquarie Group [both of which have previously failed in bids for PCCW’s assets], Blackstone Group and Providence Equity Partners as being amongst the interested parties. Bidders could make consortium offers for HKT Group, Arena added, with the aim of completing a deal by the end of the year.

Hong Kong, PCCW Group