Deals
Li Ka-Shing to Buy U.K. Broadband Assets From Younger Son
This article is for subscribers only.
Billionaire Li Ka-shing agreed to buy a telecommunications business in the U.K. from his younger son for 300 million pounds ($374 million) in a shuffling of assets within Hong Kong’s richest family.
Through CK Hutchison Holdings Ltd.’s Three U.K., Li will pay his son’s PCCW Ltd. 250 million pounds in cash and 50 million pounds in credit vouchers for U.K. Broadband, which holds spectrum and wireless network assets, according to a filing in Hong Kong on Monday. PCCW, controlled by billionaire Richard Li, expects to post a gain of about HK$1.3 billion ($168 million) from the deal, it said.