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Hutchison Telecom to Sell India Business to Vodafone13 February 2007
Hutchison Telecommunications International Limited ("Hutchison Telecom", "the Company", SEHK: 2332, NYSE: HTX) announced today that it has entered into a binding agreement with a subsidiary of Vodafone Group Plc ("Vodafone") to sell its 67% direct and indirect equity and loan interests in Hutchison Essar Limited ("Hutchison Essar") for a total cash consideration (before costs, expenses and interests) of approximately US$11.1 billion or HK$87 billion.
The transaction values Hutchison Essar at approximately US$18.8 billion or HK$147 billion on a 100% enterprise value basis. The transaction is expected to close in the second quarter of 2007 and is conditional on Indian regulatory approvals and Hutchison Telecom's shareholders' approval. Upon completion of the transaction, the Company is expected to realise an estimated gain before tax of approximately US$9.6 billion or HK$75 billion.
Canning Fok, Chairman of Hutchison Telecom said: "This is a landmark transaction for India, the Company and its shareholders. Together with our partners, the Essar Group, we have built a truly great company in Hutchison Essar, and this has been reflected in the price we have achieved today. It represents a sizable premium on the company's investment and unlocks substantial value for our shareholders."
"We are proud to have built one of the successful, respected and valuable businesses serving India's rapidly growing telecom market. I would like to express our appreciation to the management team and all the staff at Hutchison Essar who have worked so hard to achieve this result," Mr Fok said.
Building on its track record, Hutchison Telecom will continue its successful strategy of becoming a leading mobile operator in dynamic markets, including in its existing operations in Hong Kong, Israel, Indonesia, Vietnam, Macau, Thailand, Sri Lanka and Ghana.
The transaction is also subject to the approval of shareholders at a meeting which will be held as soon as practicable.
About Hutchison Telecommunications International Limited
Hutchison Telecommunications International Limited ('Hutchison Telecom' or 'the Group') is a leading global provider of telecommunication services. The Group currently offers mobile and fixed-line telecommunication services in Hong Kong, and operates or is rolling out mobile telecommunication services in Macau, India, Israel, Thailand, Sri Lanka, Ghana, Indonesia and Vietnam. It was the first provider of 3G mobile services in Hong Kong and Israel. Its leading brands include "Hutch", "3" and "Orange".
Hutchison Telecom is a listed company with American Depositary Shares quoted on the New York Stock Exchange under the ticker HTX and shares listed on the Stock Exchange of Hong Kong under the stock code 2332. A member of the Hong Kong-based Hutchison Whampoa Group, Hutchison Telecom is committed to providing superior telecommunication services in dynamic markets. For more information about Hutchison Telecom, see http://www.htil.com.
Cautionary Statements
This press release contains forward-looking statements. Statements that are not historical facts, including statements about the beliefs and expectations of Hutchison Telecommunications International Limited ('the Company'), are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks, uncertainties and assumptions. The Company cautions you that if these risks or uncertainties ever materialise or the assumptions prove incorrect, or if a number of important factors occur or do not occur, the Company's actual results may differ materially from those expressed or implied in any forward-looking statement. Additional information as to factors that may cause actual results to differ materially from the Company's forward-looking statements can be found in the Company's filings with the United States Securities and Exchange Commission.
For enquiries, please contact:
Mickey Shiu
Corporate Communications
Hutchison Telecom
Work: +852-2128-3107
Mobile: +852-9092-8233
Email: mickeyshiu@htil.com.hk
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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