HK TYCOON’S WHARF HOLDINGS AGREES TO SELL TELECOM UNIT FOR $1.2BN
Wharf Holdings, backed by tycoon Peter Woo, is reported to have agreed to sell its Hong Kong telecoms unit to MBK Partners and TPG Capital Management LP for $1.2 billion.
Over the last few months Wharf had received bids for its Wharf T&T arm, which included bids from US private equity firm KKR & Co and the Hong Kong Broadband Network (HKBN), MBK Partners and TPG Capital Management LP, and Smarttone Telecommunications Holdings.
HKBN had been seen as the frontrunner but Hong Kong’s second-largest business fixed-line operator has now been sold to the TPG-MBK consortium group, according to a Reuters report.
Wharf T&T in Hong Kong: $1.2bn deal