Hutchison to sell HK fixed-line business to I Squared for US$1.9b

Hong Kong

HUTCHISON Telecommunications Hong Kong Holdings Ltd said on Sunday that it agreed to sell its fixed-line telecoms business to I Squared Capital for about US$1.9 billion, raising funds to invest in mobile phone services and for working capital.

The company is selling Hutchison Global Communications (HGC), which provides fixed-line phone services as well as Wifi all around Hong Kong, for HK$14.5 billion (S$2.53 billion) in cash to a unit of I Squared Capital, according to a filing to the Hong Kong stock exchange. The value may be adjusted later based on debt, cash levels and other financial …