PCCW invites bid to sell 45 per cent stake in media and telecom unit (Hong Kong)

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PCCW invites bid to sell 45 per cent stake in media and telecom unit (Hong Kong)

August 15, 2008

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Hong Kong-based telephone service provider PCCW is in the process of shortlisting bidders for its media and telecom unit, which is estimated to fetch more than $2.5 billion. PE firms including the Blackstone Group, Providence Equity Partners, TPG Capital and the Macquarie Group are among those bidding for the newly formed unit, known as HKT Group Holdings. Singapore's Temasek Holdings is also planning to join MBK Partners to bid for the stake. The deal is likely to be completed by the end of 2008.