Hong Kong-based conglomerate PCCW is actively exploring the sale of a substantial minority stake in its fiber business, with estimates reaching up to $1 billion. Sources indicate that PCCW is collaborating with a financial adviser for this potential transaction, drawing interest from investors in China and the Middle East.

Controlled by billionaire Richard Li, PCCW is considering utilizing the proceeds to alleviate debt pressures. This move follows the company’s strategic decision to sell its data center business to DigitalBridge for $750 million in 2021.

Recent developments also include a significant minority stake acquisition in Viu, an over-the-top video service under PCCW, by French broadcaster Canal+, owned by Vincent Bollore’s Vivendi SE.

Established in 1925 with the formation of the Hong Kong Telephone Co., PCCW has evolved to hold a majority stake in HKT, a prominent fixed and mobile operator in Hong Kong. Additionally, through its PCCW Global division, the conglomerate offers a diverse portfolio of services to international enterprises and telecom providers.