Three private equity groups plus Australian bank Macquarie Group are among the bidders reportedly shortlisted for a 45% stake in HKT Holdings, an offshoot of Hong Kong telco PCCW.
Providence Equity Partners, MBK Partners and TPG Capital are still in the running for the stake, but Blackstone Group is reportedly off the list. It is not known whether Apax Partners, Carlyle Group and Bain Capital are still in the race.

PCCW wants to maintain an investment-grade rating on the unit so the winning bidder will have to finance the deal using as much cash as possible, rather than debt.

Among the assets PCCW is folding into the new unit is the Now TV IPTV platform. The winning bidder is expected to be announced by the end of October.

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