Wharf agrees to sell HK telecoms unit for $1.2bn

Jason McGee-Abe
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Wharf Holdings, backed by tycoon Peter Woo, reportedly agrees to sell its Hong Kong telecom unit, to MBK Partners and TPG Capital Management LP for $1.2bn

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 Hong Kong Broadband Network (HKBN), MBK Partners and TPG Capital Management LP, and SmartTone Telecommunications Holdings.

HKBN had been seen as the front-runner 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.

Last year, Wharf T&T generated around $100 million pre-tax. GTB