Telstra Completes $1.6 Billion Sale of Autohome Stake to Ping An
- Australian telco to book accounting gain of A$1.8 billion
- Telstra contesting ‘residual litigation’ in Cayman Islands
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Australia’s Telstra Corp. completed the sale of a 47 percent stake in Chinese website Autohome Inc. to Ping An Insurance Group Co. for $1.6 billion, though it continues to face litigation over the deal.
The Melbourne-based phone company will book an accounting gain of A$1.8 billion ($1.4 billion) on the sale and indicated it would use most of the proceeds to return cash to shareholders, according to a statement Thursday.