Linklaters advises on PCCW’s US$1.1bn sale of 11% in HKT
Linklaters have advised on the US$1.1bn block sale of an 11% stake in HKT Limited by PCCW Limited - the first billion dollar block trade in Hong Kong for 10 months. The placing was announced on 13 February and closed on 15 February. Following the block sale PCCW now holds approximately 52% of HKT. Linklaters advised Goldman Sachs, the sole placing agent and bookrunner on the transaction.
PCCW Limited and HKT Limited are key players in telecommunications providing services such as telephone, data and broadband, mobile and television.
“The successful launch of the deal over the weekend shows that the market is still there for high quality deals. It is also testament to the professionalism of all the parties involved,” said corporate partner Robert Cleaver.
Corporate partner Craig Dally added, “This significant block trade by PCCW is said by some commentators to have chased away the blues in Asia’s block market. While it may be too early to make that call, it certainly illustrates the market leading position of Linklaters’ equities practice.”
Linklaters partners Craig Dally and Robert Cleaver led the transaction, supported by associates Iris Leung, Danny Kan and Deborah Fong.