Hong Kong’s HKBN to buy WTT

9 Aug 2018

Hong Kong Broadband Network (HKBN) has announced a HKD10.5 billion (USD1.3 billion) deal to acquire local business services provider WTT Holding. HKBN has agreed to conditionally purchase all of WTT’s shares in exchange for issuing a combination of HKBN shares and vendor loan notes to WTT’s joint owners, MBK Partners and TPG. After the completion of the merger, which is expected in the first quarter of 2019, MBK and TPG will hold around 11.66% of HKBN’s shares.

In a press release HKBN said: ‘The merger with WTT, the only enterprise-focused fixed telecommunication services operator with extensive fixed line infrastructure in Hong Kong, will enhance service capabilities, diversify business portfolio, and improve the quality of service offerings to enterprise customers through increased footprint and capacity.’ It added: ‘WTT and HKBN’s enterprise solution business are highly complementary given WTT’s focus on larger corporate clients and HKBN’s focus on SME clients.’

Hong Kong, Hong Kong Broadband Network (HKBN), WTT (formerly Wharf T&T)