Chunghwa Telecom may acquire 5% stake in PCCW's unit

New York-listed Chunghwa Telecom, the largest telecoms service provider in Taiwan, is considering acquiring 5% stake in HKT Group Holdings Ltd, a unit of PCCW Ltd<8>, for about NTD 3 billion, according to market sources.
It was reported that the Taiwan-based company has been conducting a study after receiving an invitation from a foreign investor to jointly bid for HKT Group Holdings.

PCCW Ltd<8>, Hong Kong's largest and most comprehensive communications provider controlled by billionaire Richard Li, has been seeking to sell a 45% stake in its unit HKT Group Holdings Ltd, according to an earlier report.

Up to four interested investors have been mentioned on PCCW's list for this deal, including Australia-based Macquarie Group Ltd, the U.S.-based private equity firm TPG Capital, Providence Equity Partners Inc and MBK Partners LP.

PCCW will finalize the evaluation and selection work of bidders as late as November this year, said Alex Arena, managing director of PCCW.