PCCW Stake Attracts The Big Names

July 2008 | M&A News Alert

The sale of a 45% stake in media and telecoms group HKT Group Holdings, a recently formed subsidiary of PCCW has attracted significant interest from the biggest names in private equity, leaving open the possibility of a second round of bidding. TPG Capital, Macquarie, Blackstone Group, Providence Equity Partners and KKR all submitted bids on July 14 for the 45% stake in HKT. The subsidiary was created to hold the core telecoms and media business of PCCW, the Hong Kong telecoms giant controlled by billionaire Richard Li. Given that HKT has a value of up to US$8bn, including the debt

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