Sunday, June 12, 2005

PCCW to Buy Hong Kong Wireless Provider Sunday for $200 Mln

From Forbes: HK's PCCW plans to acquire SUNDAY for maximum 200 mln usd

"PCCW plans to acquire SUNDAY Communications for a maximum of 200 mln usd, PCCW chairman Richard Li said. He said PCCW plans to integrate SUNDAY Communications' mobile business into its operations, allowing PCCW to re-enter the mobile phone business as early as this year. This will be PCCW's second attempt at mobile phone operations. It earlier sold its mobile phone business interests to Australia's Telstra Corp. "

"He (PCCW chairman Richard Li) did not give additional financial details about the planned acquisition, but analysts noted that the 200 mln usd price approximates SUNDAY's current market capitalization, which means the sale may be concluded at a minimal premium for SUNDAY."


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