TPG, MBK to buy Hong Kong telecoms business for $1.2bn

The two investors will acquire the entire equity interest in Wharf T&T, Hong Kong’s largest enterprise-focused telecoms service provider.

Global alternatives manager TPG and MBK Partners, a north Asian independent buyout firm, will jointly acquire Wharf T&T for HK$9.5 billion ($1.22 billion; €1.09 billion).

Wharf T&T has an extensive fibre optic network covering approximately 90 percent of Hong Kong’s commercial market, with a portfolio of local data connectivity and ICT services. 

Wharf Holdings, the owner of the telecoms provider, said in a filing with the Hong Kong Stock Exchange that the market had changed drastically since it started the business over 20 years ago. After a strategic review, the company decided to sell Wharf T&T to maximise value to the shareholders of the Wheelock Group and Wharf Holdings. Wharf Holdings is a subsidiary of the Wheelock Group. 

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