Jun 27, 2024 03:16 AM
BUSINESS
China Merchants Buys 40% of PCCW Fiber Unit for $870 Million
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PCCW, controlled by Hong Kong tycoon Richard Li, has been selling other stakes
(Bloomberg) — China Merchants Group Ltd. is buying a 40% stake in the fiber assets of HKT Trust & HK Ltd., a unit of Hong Kong telecom group PCCW Ltd.
China Merchants’ investment arm will pay about $870 million for the stake in Regional Link Telecom Services Holdings Ltd. — which supplies fiber connection services in Hong Kong — PCCW said in a filing Wednesday, confirming a May report by Bloomberg News.
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