HONG KONG (AP) — Australia's Telstra says it's selling its Hong Kong mobile phone business to Hong Kong billionaire Richard Li's telecom company in a deal worth $2.4 billion.
Telstra said Friday it would earn about 2 billion Australian dollars from selling its 76.4 percent stake in CSL to Li's HKT, which is also buying the other 23.6 percent from another company, New World Development.
The deal allows Li's company, which already owns a separate mobile operator, to beef up its presence in the city's saturated mobile market. It also lets Telstra make a profitable exit ahead of a shakeup by the city's telecommunications regulator aimed at boosting competition.
Telstra CEO David Thodey said in a statement that "this is the right opportunity for Telstra to maximize our return."