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Telstra sells 76.4% stake in CSL to HKT for ~$1.8B

  • 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.
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