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Hutchison Telecommunications sells fixed-line business to I Squared for $1.9 billion

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Hutchison Telecommunications sells fixed-line business to I Squared for $1.9 billion

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HONG KONG (Reuters) – Hutchison Telecommunications Hong Kong Holdings Ltd <0215.HK> said on Sunday it agreed to sell its fixed-line telecoms business to private equity firm I Squared Capital Advisors LLC for about $1.9 billion, raising funds to invest in its mobile phone business and for working capital. The company sold its Hutchison Global Communications business, which provides fixed-line phone business as well as Wifi all around Hong Kong, for HK$14.5 billion ($1.86 billion) to a unit of I Squared Capital in cash, according to a filing to the Hong Kong stock exchange. ($1 = 7.8095 Hong Kong dollars)

(Reporting by Elzio Barreto. Editing by Jane Merriman)
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