Hong Kong-based PCCW reportedly could sell a minority stake worth around $1 billion in its fibre business, with the asset attracting interesting from Chinese and Middle Eastern investors.
According to Bloomberg sources, the telecoms and technology conglomerate is exploring a potential deal with an unnamed financial adviser, although the outlet noted there was no certainty a sale would be made. Details on potential suitors were not disclosed.
PCCW’s fibre network covers close to all of Hong Kong’s population and its telecoms subsidiary HKT had 986,000 FTTH customers in the first half of the year.
Should it follow through on a sale, it would be in line with its strategy in recent years to pare down its stakes in certain operations to raise cash and reduce debt.
The company sold its data centre business to digital infrastructure company DigitalBridge Group in 2021 and parted ways with stakes in Lenovo Technology Solutions and its Networks Services unit to Lenovo Group a year later.
Earlier this year, the company also agreed a deal to sell a holding worth $200 million in OTT video service Viu to French-broadcaster Canal+.