Telstra Corporation Limited
(ASX:TLS) will sell its Hong Kong-based mobile business CSL to HKT Limited for $US2.42 billion.
Telstra says the deal will see it earn roughly $2 billion for its 76.4 per cent stake in the business.
HKT will also acquire the remaining 23.6 per cent shareholding held by New World Development.
The deal is subject to regulatory approval in Hong Kong, as well as HKT and PCCW Limited security holder approval.
Telstra chief executive officer David Thodey says Telstra has enjoyed considerable success in Hong Kong and the deal is a significant opportunity to maximise shareholder value.
Telstra delivered a full-year net profit of $3.86 billion in fiscal 2013.
