Britain's CABLE & WIRELESS has concluded a deal with PCCW -PACIFIC CENTURY CYBERWORKS. C&W will sell its 54% stake in its subsidiary HKT -HONG KONG TELECOM-, the number one telephone operator in Hong Kong. The new venture resulting from this operation will be called PCCW-HKT; it will have stock market capitalisation of USD 70 billion. PCCW will be its leading shareholder, while the CABLE & WIRELESS share will fall below 20% after a cash-and-share payment of around USD 40 billion.