Hong Kong-based Hutchison Whampoa and US fiber optic network provider Global Crossing November 15 announced the agreement to form a joint venture to pursue fixed-line telecommunications and Internet opportunities in Hong Kong.

The 50:50 joint venture will combine Hutchison Whampoa's existing territory-wide, building-to-building fixed-line telecommunications and certain Internet-related assets in Hong Kong with Global Crossing's international cable capacity and growing inventory of web hosting, Internet applications and data services.

The joint venture, which will be named Hutchison Global Crossing (HGC), is valued at 1.2 billion US dollars (9.3 billion HK dollars).

Hutchison Whampoa Chairman Li Ka-shing said that he was very pleased that Hutchison will have a successful company like Global Crossing as its partner for the telecommunication business in Hong Kong.

Under the joint sponsorship of Global Crossing and Hutchison, HGC will build on Hutchison's position as the largest full-service alternative telecom operator in Hong Kong, one of the fastest growing telecommunications markets in Asia.

HGC will pursue fixed-line telecommunications network business in Hong Kong.

Using this network infrastructure as a platform, HGC will offer high quality broadband telecom services to high volume customers in Hong Kong, including multinational corporations, government bodies, Internet service providers and other telecom operators. (Xinhua)