PCCW in M&A Talks

PCCW announces it's in talks with a potential acquirer

June 20, 2006

1 Min Read

HONG KONG -- PCCW Limited (the "Company") wishes to announce that it received a non binding expression of interest on 16 June 2006 from an independent third party, in relation to a possible acquisition of substantially all the telecommunications and media related assets of the Company (the "Proposed Transaction").

The Company is in the process of evaluating the merits of the Proposed Transaction and believes it is in the best interests of the Company and its shareholders as a whole to continue discussions in relation to the Proposed Transaction with the independent third party.

The possible transaction which has been proposed is an acquisition of the Company's telecommunications and media related assets by way of an acquisition of assets and shares in certain subsidiaries of the Company. The Proposed Transaction would not involve the acquisition of shares in the Company. Lehman Brothers Asia Limited has been appointed as financial adviser to the Company in relation to the Proposed Transaction.

At this stage, there is no certainty that such discussions (which are necessarily confidential) will or will not result in a transaction by or involving the Company and/or any of its subsidiaries. Further announcements will be made by the Company in relation to the progress of the discussions, as and when appropriate.

PCCW Ltd. (NYSE: PCW; Hong Kong: 0008)

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