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KA-SHING! Three's daddy Hutchison flogs telecom unit for £1.4bn
Hong Kong’s richest man just got a bit richer
UK mobile operator Three's Hong Kong-based parent company Hutchison is to flog off its fixed-line phone business for HK$14.5bn (£1.4bn).
Li Ka-shing, Hong Kong's richest man and owner of Hutchison, will sell Hutchison Global Communication to US-based, infrastructure-focused private equity firm I Squared Capital.
Gautam Bhandari, partner at I Squared Capital, said: "As a premier global hub for commerce and telecommunications, Hong Kong benefits from innovative products and world-class services.
"With I Squared Capital's investment, HGC will continue to provide the same quality of service that mobile telecommunication providers, corporate and residential customers have come to expect.
"Fresh capital will also enable the company to develop new solutions to meet the ever-increasing demand for high-speed information infrastructure throughout the region and beyond."
According to The Wall Street Journal, Li had told associates he will step down next year.
In Blighty, the biz had hoped to merge with O2 for £10bn, until European regulations squashed that deal citing competition concerns.
It later boosted its spectrum holdings via its acquisition of UK Broadband in a £250m deal. The company was owned by Hong Kong-based telco PCCW, which is run by Li Ka-shing's son, Richard Li. ®