HONG KONG-Hutchison Whampoa Ltd. announced it sold part of its stake in Vodafone AirTouch plc for net proceeds of about $5 billion.
The stake was sold through an agreement with Goldman Sachs Equity Securities (UK) Ltd. and Deutsche Bank A.G. of London.
Prior to the transaction, Hutchison held about 5.14 percent of Vodafone AirTouch. Following the sale, Hutchison will hold a 3.58-percent stake in the company.
Hutchison said the proceeds will be used to fund the company’s planned expansion into advanced and third-generation wireless businesses around the world, particularly in Europe.
“We consider our remaining holding in [Vodafone AirTouch] to be an excellent investment, which we plan to retain,” said Canning Fok, group managing director of Hutchison.
