Singapore sovereign wealth fund GIC is tying up with four other companies to invest 3.1 billion pounds (USD4.8 billion) for a 33 per cent stake in Hutchison Whampoa's British mobile telecom business.
Hutchison Whampoa is a conglomerate controlled by Hong Kong billionaire Li Ka-shing which finalised a deal in March to buy British telecom giant O2 from Spain's Telefonica for USD15.2 billion. It already owns Britain's Three mobile phone network, and if both are merged it will reduce to three the number of players in Britain's fast consolidating wireless telecoms sector.
The four other investors are Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Brazilian investment bank BTG Pactual, and Caisse de depot et placement du Quebec.
GIC will invest 1.1 billion pounds, it said in a statement which did not give a breakdown of the investments by the other firms.
GIC said its investment "is conditional on and will occur concurrently with the completion of Three UK's acquisition of O2 UK and the combination of both businesses, which are subject to EU regulatory approvals".
Text: AFP
Photo: Amrise Hotel
Singapore sovereign wealth fund GIC is tying up with four other companies to invest 3.1 billion pounds (USD4.8 billion) for a 33 per cent stake in Hutchison Whampoa's British mobile telecom business.
Hutchison Whampoa is a conglomerate controlled by Hong Kong billionaire Li Ka-shing which finalised a deal in March to buy British telecom giant O2 from Spain's Telefonica for USD15.2 billion. It already owns Britain's Three mobile phone network, and if both are merged it will reduce to three the number of players in Britain's fast consolidating wireless telecoms sector.
The four other investors are Abu Dhabi Investment Authority, Canada Pension Plan Investment Board, Brazilian investment bank BTG Pactual, and Caisse de depot et placement du Quebec.
GIC will invest 1.1 billion pounds, it said in a statement which did not give a breakdown of the investments by the other firms.
GIC said its investment "is conditional on and will occur concurrently with the completion of Three UK's acquisition of O2 UK and the combination of both businesses, which are subject to EU regulatory approvals".
Text: AFP
Photo: Amrise Hotel