NTT Docomo agreed the sale of its minority stake in mobile businesses in Hong Kong and Macau (which use the 3 brand) to co-owner Hutchison Telecommunications Hong Kong Holdings (HTHKH), with the deal set to be completed in May.
HTHKH is paying the Japanese operator $60 million for the 24.1 per cent stakes it holds in Hutchison Telephone Company and Hutchison 3G Hong Kong Holdings, which hold the mobile businesses. The contract has already been signed, with the transfer of shares set to follow on 31 May 2019.
In a statement, HTHKH said it will pay for the transaction with the cash proceeds from the October 2017 sale of its fixed line business. It said that once the business becomes wholly-owned, it will have full control of the operation and can improve efficiency “through elimination of resources expended on shareholders’ communications”.
HTHKH added it and Docomo have a “long and mutually beneficial relationship”. Both have agreed to explore joint and mutual collaboration in the mobile market once the deal is complete.