[THE INVESTOR] MBK Partners, the nation’s largest private equity firm, said on Oct. 4 that it will be acquiring Wharf T&T, a Hong Kong-based telecom carrier, in a consortium with US alternative asset firm TPG.
The deal is priced at about US$1.22 billion and the buyout process is scheduled to be completed next month.
Wharf T&T is Hong Kong’s largest enterprise-focused telecom service provider, with an extensive fiber optic network covering about 90 percent of the commercial market.
“We are very impressed with Wharf T&T’s successful track record of establishing a client base of over 50,000 enterprises in Hong Kong and of building a leading ubiquitous fiber network,” said Teck Chien Kong, partner of MBK Partners, in a statement.
Ricky Lau, partner of TPG added, “We are excited to invest in Wharf T&T and look forward to partnering with the existing management team in providing world class technologies and internet services to enterprise customers in Hong Kong.”
MBK Partners has a long track record investing in Asia’s technology, media and telecommunications assets, including China Network Systems, Gala TV, Invoice, C&M and Yayoi.
TPG has also invested in a wide range of leading telecom companies such as Hanaro Telecom (now SK Telecom), Asia Netcom (now known as Pacnet), Japan Telecom (now SoftBank Telecom), Avaya and Apollo Towers.
jylee@heraldcorp.com
