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Provider: Reuters Investment Profile
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Telstra Corporation Ltd enters into agreement to sell CSL in HK

Friday, 20 Dec 2013 02:00am EST 

Telstra Corporation Ltd:Says it has signed an agreement to sell its Hong Kong based mobiles business CSL to HKT Limited for $2.425 billion.Says the sale, which is subject to regulatory approval in Hong Kong and HKT and PCCW Limited security holder approval, would equate to proceeds of about A$2 billion for Telstra's 76.4 percent interest.Says HKT will also acquire the remaining 23.6 percent shareholding held by New World Development.Says the sale of CSL is expected to generate a profit on sale of about A$600 million.Says the net proceeds are incremental to Telstra's free cashflow guidance of A$4.6 billion to A$5.1 billion in fiscal year 2014.