Hong Kong – TPG, a  global private investment firm and 21st Century Fox have announced that they have entered into a definitive agreement, pursuant to which TPG agreed to acquire the remaining 12.15% stake held by 21st Century Fox’s (21CF) wholly-owned subsidiary Star Entertainment Holdings Limited in Phoenix Satellite Television Holdings Limited (Phoenix TV). 

Upon completion of the sale, 21CF will no longer hold an equity interest in Phoenix and its representatives will step down from the board.

The HK$1.66 billion sale will see TPG buy 607 million shares at HK$2.73 each from Star Entertainment Holdings Ltd., reported Bloomberg Businessweek.