- Telstra (TLSYY) sells its 76.4% stake in Hong Kong mobile phone business CSL to Richard Li's HKT for ~$1.8B. HKT is buying the remaining 23.6% from New World Development (NDVLY).
- The deal opens the door for a profitable exit by Telstra ahead of regulatory changes in Hong Kong aimed at boosting competition.
- Regulators must now approve the deal - HKT estimates it will have 31% of Hong Kong's mobile market post-acquisition.
Telstra sells 76.4% stake in CSL to HKT for ~$1.8B
Dec 20 2013, 08:25 ET