Hong Kong-based conglomerate PCCW is exploring plans to sell a significant minority stake in its fiber business, which could total $1 billion.

As reported by Bloomberg, PCCW is working with a financial adviser on the potential transaction.

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Investors from China and the Middle East are reportedly interested in the assets.

PCCW, which billionaire Richard Li controls, could use the proceeds to reduce debt, according to sources.

The company previously sold its data center business to DigitalBridge for $750m in 2021.

Earlier this year, French broadcaster Canal+, owned by billionaire Vincent Bollore’s Vivendi SE, agreed a deal to acquire a significant minority stake in Viu, an over-the-top video service under PCCW.

PCCW's roots go back to 1925 when the Hong Kong Telephone Co. was formed.

The company has a majority stake in Hong Kong fixed and mobile operator HKT, while its PCCW Global division offers a portfolio of services to international enterprises and telecoms providers.