Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Hutchison Telecommunications Hong Kong Holdings Ltd. (‘Hutchison Telecommunications’) on the sale of its fixed-line telecommunications business Hutchison Global Communications Investment Holding Ltd. (‘HGC’) to a unit of global private equity fund I Squared Capital for US$1.86bn (HK$14.5bn).

HGC runs an extensive fibre-optic network in Hong Kong. The proceeds of the all-cash transaction will enable Hutchison Telecommunications to invest in and strengthen its market position in its core business of providing mobile services to customers. The two companies intend to maintain a co-operative commercial relationship following the completion of the transaction.

The Freshfields team advising on the deal was led by partner Rob Ashworth and supported by partners Richard Bird and Grace Huang.