PCCW assets go to Hong Kong banker for $1.2B

After a few heated weeks of controversy over the competing acquisition bids from U.S.-based Texas Pacific Group and Australia's Macquarie Bank for PCCW's telecom assets, PCCW's chairman in a stunning move sold the assets to a banker from Hong Kong for $1.18 billion. Banker Francis Leung will receive less than one quarter of the company for the sizable price-tag, which is far less than the $7-billion bid Macquarie had in place for a larger stake of the company. The move comes in the wake of political pressure from Beijing not to sell the assets to foreign entities, according to a report in The Wall Street Journal. The purchase leaves Leung as PCCW's largest single shareholder.

For more on the PCCW assets deal:
- check out this WSJ article (sub. req.)

FREE DAILY NEWSLETTER

Like this story? Subscribe to FierceWireless!

The Wireless industry is an ever-changing world where big ideas come along daily. Our subscribers rely on FierceWireless as their must-read source for the latest news, analysis and data on this increasingly competitive marketplace. Sign up today to get wireless news and updates delivered to your inbox and read on the go.