[00-2-14] Pacific Century CyberWorks, C&W HKT In Merger Talks
By Adam Creed, Newsbytes.
SINGAPORE,
14 Feb 2000, 3:39 AM CST
****Pacific Century CyberWorks, C&W HKT In Merger Talks 02/14/00 SINGAPORE, 2000 FEB 14 (NB) -- By Adam Creed, Newsbytes. Pacific Century CyberWorks (PCCW), the Asian technology joint venture between Intel Corp. [NASDAQ:INTC] and Richard Li's Pacific Century Group, approached Hong Kong-based telco Cable & Wireless HKT for merger talks late on Friday.
The merger of the two companies would combine Cable & Wireless HKT's telecommunications and broadband Internet services with one of the most aggressive Asian Internet content companies.
PCCW has taken a whole range of stakes in or formed joint ventures with Asian and US-based portal and e-commerce companies.
Among these are interests in online entertainment content portal Star East IT, a stake in Asia Pacific Web developer Spike Networks, a $129 million interest in Nasdaq-listed SoftNet Systems, a 20 percent stake in Web developer OutBlaze Ltd, and more recently, a joint venture with global Internet giant CMGI.
"The directors of PCCW believe that a combination of Cable & Wireless HKT's prime quality broadband network together with PCCW's broadband Internet content proposition would create an undisputed Asian internet powerhouse, and eventually a truly global leader with roots in Hong Kong," said the company, in a statement.
Under the proposed transaction, shareholders of Cable & Wireless HKT would receive cash and shares in PCCW. The deal is subject to the two companies agreeing on terms and gaining all necessary approvals.
Reported By Newsbytes.com, newsbytes.com
03:39 CST
(20000214/WIRES ASIA, ONLINE, TELECOM, BUSINESS/HKCYBER/PHOTO)
© 2001 The Washington Post Company
newsbytes.com |
