Deals
Telefonica Sells China Unicom Stake Valued at Up to $367 Million
- Stock is being offered at HK$7.75 to HK$7.85 each in the sale
- The sale is said to have demand for all stock on offer
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Telefonica SA, facing roadblocks in the planned sales of its assets following Britain’s vote to leave the European Union, is paring a stake in China Unicom (Hong Kong) Ltd. to raise as much as $367 million.
The sale of 361.8 million shares began today and the stock is being offered at HK$7.75 to HK$7.85 apiece, according to terms of the deal seen by Bloomberg News. The deal has demand for all the stock on offer, said people familiar with the matter, who asked not to be named while the transaction is underway.