August 7, 2018 / 4:24 PM / in 2 months

Hong Kong's telecom operator HKBN to buy WTT in $1.34 bln deal

Aug 7 (Reuters) - Hong Kong’s residential broadband provider HKBN Ltd would buy fixed-line operator WTT HK in a deal valued at HK$10.5 billion ($1.34 billion), the companies said on Tuesday.

WTT is jointly owned by private equity firms TPG Capital Management LP and MBK Partners Inc.

As part of the deal, HKBN will issue the private equity firms a combination of its shares and vendor loan notes and after the deal closes, MBK Partners and TPG will each own 11.66 percent stake in HKBN.

HKBN is the second largest provider of residential broadband services in Hong Kong, while WTT focuses on providing telecommunication services to larger corporate and wholesale clients. ($1 = 7.8493 Hong Kong dollars) (Reporting by Sonam Rai in Bengaluru)

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