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CK HUTCHISON HOLDINGS LIMITED

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CK Hutchison : UK watchdog raises competition concerns over Cellnex-CK Hutchinson tower deal

07/13/2021 | 01:14pm EDT
FILE PHOTO: FILE PHOTO: The company logo of CK Hutchison Holdings is displayed at a news conference in Hong Kong

(Reuters) - Britain's competition watchdog raised concerns over a UK telecom tower deal between Spain's Cellnex and Hong Kong's CK Hutchison, saying it could lead to higher prices and lower quality services for network operators.

The Competition and Markets Authority (CMA) said on Tuesday it found evidence to suggest that CK Hutchison should have sold its passive infrastructure assets, including towers and masts, to an alternative buyer rather than market leader Cellnex.

Last year, Cellnex said it would buy 24,600 telecom towers across Europe from CK Hutchison, which owns the Three mobile network in the UK, for 10 billion euros ($11.81 billion).

A sale to a firm other than Cellnex, the largest independent supplier of mobile towers in the UK, would help sustain healthy competition, the CMA said.

"It's important that services provided to mobile networks remain competitive so that the millions of businesses and consumers across the UK that use mobile phones can enjoy lower prices," said Mike Walker, chief economic adviser at the CMA.

Responding to CMA's statement, a Cellnex spokesperson said the company would review the regulator's findings and work closely with it to address the concerns.

Cellnex and CK Hutchison have five working days to offer legally binding proposals to the CMA to address the competition concerns identified.

($1 = 0.8465 euros)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Ramakrishnan M. And Shinjini Ganguli)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CELLNEX TELECOM, S.A. -0.38% 57.78 Delayed Quote.35.21%
CK HUTCHISON HOLDINGS LIMITED 0.77% 52.1 End-of-day quote.-3.70%
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Analyst Recommendations on CK HUTCHISON HOLDINGS LIMITED
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Financials
Sales 2021 400 B 51 363 M 51 363 M
Net income 2021 41 845 M 5 376 M 5 376 M
Net Debt 2021 134 B 17 254 M 17 254 M
P/E ratio 2021 4,97x
Yield 2021 5,52%
Capitalization 200 B 25 684 M 25 688 M
EV / Sales 2021 0,84x
EV / Sales 2022 0,75x
Nbr of Employees 172 907
Free-Float 69,4%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 52,10 HKD
Average target price 74,79 HKD
Spread / Average Target 43,6%
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Managers and Directors
Tzar Kuoi Li Chairman & Group Co-Managing Director
Kin Ning Fok Group Co-Managing Director & Executive Director
Frank John Sixt Group Finance Director & Executive Director
Yick Ming Wong Independent Non-Executive Director
Hoi Chuen Cheng Independent Non-Executive Director
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