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Hutchison Whampoa to sell USD4.3b stake to AD Fund

10 May 2015

(MENAFN) Hutchison Whampoa Ltd has agreed to sell a one-third stake in its British mobile phone business for USD4.3 billion to a group of five investors, Arabian Business reported.

The investors include Singaporean and Abu Dhabi sovereign wealth funds. Hutchison agreed in January to buy British mobile unit O2 for USD15.4 billion and merge it with its UK subsidiary.

Singapore’s GIC Pte and the Canada Pension Plan Investment Board both said they will each pour USD1.7 billion into the deal. The deal value could grow by USD500 million if the O2 mobile phone business meets targets.

The Hong Kong conglomerate took on a USD9.2 billion bank loan to finance the purchase of the O2 UK business and had flagged that it was talking with private equity firms and other investors for a minority stake.

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