After an emergency board meeting yesterday, Hong Kong's dominant telecommunications operator said that the market downturn had “significantly impacted” the offers received for a 45 per cent stake in HKT, a newly created holding group for most of its core fixed-line, broadband and television assets.
PCCW started the sale process in May and hired UBS to find a buyer in a deal, which was then expected to raise up to $2.5bn.
About half a dozen private equity groups including Bain, TPG, Providence, Macquarie and MBK were shortlisted for the second round, and several tabled final bids ahead of a weekend deadline.
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