Reply to post: Re: Le Cashin

Three drops £250m on UK Broadband

Anonymous Coward
Anonymous Coward

Re: Le Cashin

Also reported in the FT (paywalled https://www.ft.com/content/9e607b6e-ec7e-11e6-ba01-119a44939bb6 )

"Three UK has paid £250m to buy lossmaking wireless internet provider Relish as a first step into the home broadband market by Britain’s fourth-largest mobile group.

Three is owned by CK Hutchison, controlled by Asia’s richest man Li Ka-shing, while UK Broadband, the company behind Relish, is owned by Hong Kong-based telecoms company PCCW, which is run by his son Richard Li.

The deal will also provide Three with additional mobile spectrum, which can be used for any future launch of 5G services. The mobile phone operator abandoned plans for a £10.25bn takeover of larger rival O2 last year after the deal was blocked by European competition regulators.

PCCW has been trying to crack the British market since 2004, when it acquired a licence to operate a WiMax network that offered faster and more wide-ranging signals than WiFi. It initially launched as an internet provider called Now Wireless but rebranded in 2014 as Relish, offering a line rental-free broadband service in inner London.

[continues]"

And via Bloomberg (not paywalled):

https://www.bloomberg.com/news/articles/2017-02-07/li-ka-shing-to-purchase-u-k-broadband-assets-from-younger-son

"Li Ka-Shing to Buy U.K. Broadband Assets From Younger Son

by Prudence Ho

February 6, 2017, 8:36 PM EST February 7, 2017, 3:52 AM EST

Billionaire Li Ka-shing agreed to buy a telecommunications business in the U.K. from his younger son for 300 million pounds ($374 million) in a shuffling of assets within Hong Kong’s richest family.

Through CK Hutchison Holdings Ltd.’s Three U.K., Li will pay his son’s PCCW Ltd. 250 million pounds in cash and 50 million pounds in credit vouchers for U.K. Broadband, which holds spectrum and wireless network assets, according to a filing in Hong Kong on Monday. PCCW, controlled by billionaire Richard Li, expects to post a gain of about HK$1.3 billion ($168 million) from the deal, it said.

[continues; includes video]"

It's what taking back control is all about, innit. Lend us a quid till the end of the week, guvnor. My BT Bill's gone through the roof.

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