Hutchison selling US$4.3 bln stake in UK mobile unit

May 08, 2015 11:38
Li Ka-shing is selling a third of Hutchison 3G UK Holdings to a group of investors including the Abu Dhabi sovereign wealth fund. Photo: Bloomberg

Hutchison Whampoa Ltd. (0013.HK), the conglomerate controlled by Hong Kong tycoon Li Ka-shing, is selling a one-third stake in its UK mobile phone business in a deal worth US$4.3 billion.

The stake is being sold to a group of investors including Singapore's GIC, the Abu Dhabi Investment Authority and the Canada Pension Plan Investment Board, Reuters reported Friday, citing a regulatory filing.

The Hong Kong firm did not reveal the exact proportion of stakes that the new investors will hold in Hutchison 3G UK Holdings. 

Earlier this year Hutchison agreed to buy Telefonica's British mobile unit O2 for nearly US$15.4 billion, merging O2 with its Hutchison 3G UK Holdings unit.

The latest deal comes as Li restructures his business empire in a bid to boost shareholder value.

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