Singapore-Korean bid for PCCW core assets on the cards, report says

5 Aug 2008

Reuters reports that Singapore’s state investment vehicle Temasek Holdings is planning a joint bid with South Korean private equity firm MBK Partners for a 45% stake in Hong Kong telco PCCW’s newly formed telecoms and media unit HKT Group Holdings, quoting an article in the South China Morning Post, which cited unnamed sources. PCCW announced plans in May to fold its core media and telecoms operations into the new company. Reuters reported last month that Blackstone Group, Providence Equity Partners, TPG Capital and Macquarie Group were among the possible bidders lining up for the stake; a preferred bidder is expected to be chosen by the end of September.

Hong Kong, PCCW Group