Tag: Hutchison Whampoa

Hutchison Whampoa to buy 02

oxygen_maskHutchison Whampoa is expected to finalise a deal to buy Telefonica British mobile unit O2 for $15.70 billion today.

The companies did not face any major issues during the two months of due diligence, which could allow the deal to be announced on Tuesday.

The deal could be announced as early as this morning, but there is some possibility that it might be delayed.

Hutchison is chatting with wealth funds including China Investment Corporation, Singapore’s Temasek and GIC, and one of Qatar’s big government-sponsored outfits to provide the cash.

The company has plans to sell stake worth about 3 billion pounds, which makes about 30 percent of the group to outside investors, the newspaper reported.

Hutchison Whampoa is owned by Asia’s richest man, Li Ka-shing, and there might be those in the British government who are not that keen to have a British asset like O2 in the paws of the Chinese. However since no one minded when an Armada of Spanish financiers took the outfit out of British ownership, it is too late to bang Drake‚Äôs drum now.