HKT Unit to Sell Stake in Fiber Connection Services Business for $870 Million

MT Newswires Live06-26 09:38

Apex Link Communications Holdings, a unit of HKT (HKG:6823), plans to sell a 40% stake in Regional Link Telecom Services Holdings to Magic Investment Bidco for $870 million in cash, according to a Wednesday filing on the Hong Kong bourse.

Magic Investment will also assume a HK$344 million receivable owed by Fiber Link Global to Apex Link under the deal.

Regional Link Telecom Services wholly owns Fiber Link Global, which has yet to operate as of this day but will engage in supplying copper and fibre connection access services in Hong Kong and the Greater Bay Area.

The deal is expected to be completed by June 30, 2025. Upon Completion, Magic Investment Bidco will remain an indirect subsidiary of HKT, an indirect subsidiary of PCCW (HKG:0008). The parties will also enter into a master services agreement for the "provision of various network access services in respect of dark fiber, operational and maintenance services, network rollout services and ancillary services, among others.

The proceeds from the sale will be used for general corporate purposes and debt settlement. The deal's finalization is subject to regulatory approvals.

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