Leighton in talks with Ontario Teachers to sell telco assets

SYDNEY (Reuters) - Australia's Leighton Holdings Ltd said on Wednesday it was in negotiations to sell 70 percent of its telecommunication assets, including its NextGen Networks fiber-optic business, to Canada's Ontario Teachers' Pension Plan.

The sale values the entire assets, which include NextGen and two other data centre facilities Metronode and Infoplex, at A$885 million ($916 million), Leighton said in a statement.

"The sale price represents a compelling value creating proposition for Leighton Holdings' shareholders," Leighton CEO Hamish Tyrwhitt said in the statement.

The $117.1 billion Ontario Teachers fund, Canada's largest single-profession pension plan, lined up against Australia's TPG Telecom Ltd to bid for Leighton's NextGen business, sources had previously told Reuters.

Hong Kong telecommunications company PCCW Ltd was previously reported to be interested in the two data businesses.

(A$1= $1.0353)

(Reporting By Maggie Lu Yueyang; Editing by Richard Pullin)

Source: http://news.yahoo.com/leighton-talks-ontario-teachers-sell-telco-assets-041852541--sector.html

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