Hutch gets £3.1b from GIC, funds for O2 bid

Hutchison Whampoa secures £3.1 billion of investments from GIC, Canada Pension Fund, and three other funds in exchange for a 33% stake in the combined British O2 and Three business.

Hutchison Whampoa said on Friday that it has entered into an agreement with five institutional investors to sell a third of the combined Three and O2 UK business for 3.1 billion $4.72 billion.

One of the investors, Singapore sovereign wealth fund GIC, said in a separate release that it plans to invest 1.1 billion, meaning the remaining 2 billion would be covered by Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, CDOQ of Quebec Canada, and BTG Pactual of Brazil. 

The five investors have agreed to pay 2.8 billion in cash and potentially another 329 million in deferred...

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