26 Sep 26.09.2017 Li Ka-shing sells Hutchison Global Communications for £1.4bn
26.09.2017 Li Ka-shing sells Hutchison Global Communications for £1.4bn
Hong Kong’s richest man Li Ka-shing sold a part of his telecoms empire for £1.4bn. The billionaire behind the Three mobile network has sold Hutchison Global Communications, which runs fixed-line and wifi services, to American private equity group I Squared Capital. The unit operates in Hong Kong and China as well as Europe, the Middle East and the Americas. Three plans to invest in the UK with a 5G service – ultrafast wireless broadband. It believes 5G would encourage households to get rid of their fixed-line internet connections. The agreement to sell Hutchison Global Communications still has to be approved at an extraordinary general meeting of its immediate parent Hutchison Telecommunications’ shareholders. However, it is mainly owned by CK Hutchison Holdings, of which Mr Li is chairman, and it has undertaken to approve the sale. Mr Li also controls other British assets amounting to a value of around £40bn, as his companies own the port at Felixstowe, Northumbrian Water and the retailer Superdrug.