HONG KONG (Reuters) - Hutchison Telecommunications Hong Kong Holdings Ltd (HK:0215) said on Sunday it agreed to sell its fixed-line telecoms business to private equity firm I Squared Capital Advisors LLC for about $1.9 billion, raising funds to invest in its mobile phone business and for working capital.
The company sold its Hutchison Global Communications business, which provides fixed-line phone business as well as Wifi all around Hong Kong, for HK$14.5 billion ($1.86 billion) to a unit of I Squared Capital in cash, according to a filing to the Hong Kong stock exchange.
($1 = 7.8095 Hong Kong dollars)