Cable & Wireless HKT has hired ING Barings to advise an independent committee on the Pacific Century CyberWorks takeover offer. Parent company Cable & Wireless has already agreed to sell its 54 per cent stake for a cash and shares offer. The ING Barings team will be led by Asian mergers and acquisitions head Malcolm Brown, who played a key role in the Government's initial public offering in the Tracker Fund. Also on the project is Lloyd Fischer, who heads the telecommunications investment banking division, and mergers and acquisitions directors Simon Holden and David Cheng. Analysts said a longer-term role for investment bankers to the group could be sorting out which assets should be protected or disposed of following a merger. If minority shareholders agree to the offer, CyberWorks may need to draw down bridge loans estimated at up to $12 billion to complete the deal. Jardine Fleming's mergers and acquisitions group will continue to advise HKT on the deal.