Hong Kong-based telephone service provider PCCW is in the process of shortlisting bidders for its media and telecom unit, in a deal that is estimated to fetch more than $2.5 billion for the company.

Hong Kong-based telephone service provider PCCW is in the process of shortlisting bidders for its media and telecom unit, in a deal that is estimated to fetch more than $2.5 billion for the company. Private equity firms including the Blackstone Group and Providence Equity Partners are among those bidding for the newly formed unit known as HKT Group Holdings. Bidders are also allowed to form teams and submit an offer for HKT as consortiums. The deal is likely to be completed by the end of 2008.