HKBN completes WTT deal, first-half sales up 19%

1 May 2019

Hong Kong telco HKBN has completed its acquisition of local business services provider WTT. The HKD10.5 billion (USD1.3 billion) deal, first announced in August 2018, was cleared by regulators in mid-April. WTT is to be integrated with HKBN’s corporate services arm HKBN Enterprise Solutions.

Meanwhile, HKBN has reported revenues of HKD2.22 billion for the six months to end-February 2019, up 19% on the year-ago period. First-half EBITDA rose 22% to HKD723.4 million, although adjusted net profit dropped 13% to HKD256.3 million. The firm claimed 1.01 million residential subscribers at end-February 2019 plus 280,000 mobile users at its MVNO unit.

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