Shareholders in the telecoms group will be offered 2.20 Hong Kong dollars (0.28 US) a share. That was a 33.3 percent premium to the company's price when its shares were suspended on Monday.
Shares of telecom, which resumed trading Friday after Monday's suspension, surged 28.
5 percent to 2.12 Hong Kong dollars following the buyout announcement.
Hutchison Whampoa, which currently holds a 60.4 percent stake in the firm, closed flat at 56.
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35 Hong Kong dollars.
As well as telecoms, Hutchison Whampoa has holdings in ports, retail, property, energy and infrastructure across the world.
Hutchison Telecom, an emerging markets-focused group, has undertaken a string of asset disposals in recent years including in India and Hong Kong and Macau.
But it said in a joint statement with its parent that the remaining operat