CK Hutchison Holdings, the Hong Kong-based conglomerate controlled by the city’s richest person Li Ka-shing, has agreed to sell its 49% stake in a joint venture with U.K. telecom giant Vodafone for £4.3 billion ($5.8 billion) in cash.

Following the transaction, Vodafone will take full control of VodafoneThree, the two companies said on Tuesday. In a separate statement, Vodafone said the deal is expected to be completed in the second half of this year, subject to regulatory approval.

CK Hutchison’s Hong Kong-listed shares........

© Forbes