"It is interesting considering they're looking at an Asian-expansion story, to be selling out of their Hong Kong division, but the price and what they're getting for it does seem appealing," Evan Lucas, a market analyst at IG, said of the HKT deal.
Lucas said it did raise questions about releasing an asset that was a good foothold into China, but on balance it is "a very nice pick-up and good for shareholders".
(Read more: Is Hong Kong's real estate market taper proof?)
HKT Ltd will also buy the remaining 23.6 percent of the CSL business that is currently held by New World Development, bringing the total value of the deal to $2.43 billion.
Telstra said the sale of CSL is expected to generate a profit of around A$600 million, with net proceeds incremental to the company's free cashflow guidance of A$4.6 billion to A$5.1 billion in 2014.
The deal is subject to regulatory approval in Hong Kong. HKT said in a statement that it saw no significant competition concerns related to the deal. The company said as part of its application to the Communications Authority, HKT has voluntarily offered certain pro-competition measures.
Richard Li is the younger son of Asia's richest man, Li Ka-shing - a rags-to-riches property tycoon with a vast business empire across Greater China and other parts of the world. Richard is also in the process of expanding into the insurance industry, having agreed this year to buy ING's Hong Kong, Macau and Thailand insurance units for $2.14 billion.
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The Li family's business empire spans property, ports, power, water, supermarkets, drug stores and is spread across 52 countries.