<article>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.</article>

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 <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=hutchinson">CK Hutchison Holdings Ltd.’s</a> 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.
Though transactions between the father and son are rare, they occasionally happen as in the case of when Richard Li’s PCCW agreed to buy satellite assets from his father in 2001.
PCCW may spend the proceeds investing in his media business or for general corporate purposes, it said. U.K. Broadband says it’s the biggest commercial holder of national radio spectrum suitable for 4G mobile services in the U.K.
PCCW climbed 2.1 percent to a four-month high of HK$4.84 in Hong Kong on Tuesday, while CK Hutchison slipped 0.1 percent to HK$91.60.
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Bloomberg

Billionaire Li Ka-shing agreed to buy telecom business in UK from younger son for $374 million in a shuffling of assets within Hong Kong’s richest family.

Li Ka-Shing to buy UK telecom biz from younger son

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Li Ka-Shing to buy UK telecom biz from younger son

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