- July 28, 2021
- Posted by: Stratford Team
- Category: Business
Billionaire Richard Li attends the annual Milken Institute Global Conference in Beverly Hills, … [+] California, U.S., on April 28, 2015.
Patrick T. Fallon/Bloomberg
Hong Kong-based telecom operator PCCW—controlled by billionaire Richard Li—has agreed to sell its data centre business to DigitalBridge for $750 million, cashing in on the rising demand for cloud computing as it pivots to new businesses.
Proceeds from the divestment will be used to fund the group’s investments into new growth areas such as technology and financial services, as well as repay debts or buyback company shares, PCCW said on Monday in a filing to the Stock Exchange of Hong Kong. The company will book an exceptional gain of $180 million from the transaction, which is expected to close by the fourth quarter of 2021 subject to regulatory approvals .
The acquisition gives DigitalBridge, a New York-listed real estate investment trust, a regional platform with data…
