Intel invests in HK Net access deal.
Published:
4 August 1999 y., Wednesday
Computer chip giant Intel Corp. said Sunday it was investing in a new joint venture with Hong Kong-based Pacific Century Group in an effort to bring high-speed Internet access to Asia. Under the deal, Intel_s existing joint venture with Pacific Century, known as Pacific Convergence Corp., would be folded into a new company, Pacific Century CyberWorks, Claude Leglise, vice president of Intel_s home products group, said in an interview. Pacific Century Group, a private company controlled by Richard Li, the youngest son of Hong Kong tycoon Li Ka-shing, is creating CyberWorks out of its acquisition of telecommunications firm Tricom Holdings Ltd. Intel would invest $50 million (HK$389 million) in CyberWorks and would also supply chips, software and systems to form the backbone of the new company_s broadcast and Internet business. Leglise said the deal would help Intel get a foothold in Asia_s Internet growth, and resembled a deal announced in June to supply U.S. telecommunications firm Hughes Network Systems Ltd. with chips for set-top boxes that will combine satellite TV with speedy Internet access.
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