Investors from Singapore, Canada, Abu Dhabi and Brazil have agreed to buy a 32.98% stake in combined UK mobile business 3/O2, Hutchison Whampoa has said.
In a statement to the Hong Kong stock exchange, Huchison said it would sell a third of the business…
Investors from Singapore, Canada, Abu Dhabi and Brazil have agreed to buy a 32.98% stake in combined UK mobile business 3/O2, Hutchison Whampoa has said.
In a statement to the Hong Kong stock exchange, Huchison said it would sell a third of the business for up to £3.1bn (US$4.3bn).
Agreeing to take the largest chunks – at £1.1bn (US$1.7bn) apiece – are Singapore’s GIC and Canada’s Pension Plan Investment Board. Also signing up for undisclosed stakes are the Abu Dhabi Investment Authority, Brazil’s Grupo PTG Pactual and a second Canadian group, Caisse de Depot et Placement du Quebec (CDPQ).
Hutchison has raised a £6bn loan to fund the deal, which initially valued at £9.3bn, could be worth up to £10.3bn if O2 meets certain targets.
The four-to-three transaction, agreed in March, is under review by European competition officials.
