June 22, 2017 / 4:59 AM / 2 years ago

CICC, Goldman to lead China Tower Hong Kong IPO worth up to $10 billion: sources

HONG KONG (Reuters) - China Tower Corp has picked China International Capital Corp Ltd (CICC) (3908.HK) and Goldman Sachs (GS.N) to lead a planned Hong Kong initial public offering worth up to $10 billion, people with direct knowledge of the plans said on Thursday.

Their formal appointment still needs board approval and the deal could see other banks added to the final IPO sponsor team, added the people, who declined to be named because details of the deal were confidential.

China Tower owns and manages the mobile phone towers for the country’s three state-owned telecom operators.

China Unicom Hong Kong Ltd (0762.HK), China Mobile Ltd (0941.HK) and China Telecom Corp Ltd (0728.HK) formed China Tower in October 2015 to save on infrastructure investment and cut management costs.

The companies did not immediately reply to a Reuters request for comment on the China Tower IPO sponsors. CICC didn’t immediately respond to a Reuters request for comment on the mandate, while Goldman Sachs declined to comment.

Reporting by Julie Zhu and Elzio Barreto; Additional reporting by Fiona Lau of IFR; Editing by Edwina Gibbs

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