Shareholders approve CK Hutchison European tower assets saleBusiness | 18 Dec 2020 3:18 pm
CK Hutchison (0001) received the green light from shareholders to sell its European tower assets to Cellnex Telecom, involving 10 billion euro (HK$94.95 billion) today.
The company was set to sell the tower assets supporting CK Hutchison Telecom’s mobile businesses in Austria, Denmark, Ireland, Italy, Sweden and the United Kingdom.
The group expects to receive 10 billion euro, of which 5 percent will be attributable to its partner in Denmark and Sweden.
Victor Li Tzar-kuoi, chairman and group co-managing director, said the transaction would reduce the group’s debt. The net debt to net total capital ratio as at 30 June 2020 would be reduced from 25.6 percent to 15.2 percent.
Li said a portion of the proceeds will be allocated for share buyback programs.