Hong Kong wealthy person Woo's Wharf concurs to promote telecom unit to TPG, MBK for $1.2 billion

Denny Thomas multi-millionaire Peter Woo's Wharf Holdings Ltd (0004.HK) has agreed to sell its telecom commercial enterprise to a consortium of private equity corporations TPG Capital control LP and MBK partners Inc for HK$9.5 billion ($1.22 billion), the agency said on Tuesday.

Reuters in advance pronounced the sale of the enterprise, Wharf T&T - the city's second-biggest constant-line operator for organizations, in line with the firm's website.

Wharf stated in March it became undertaking a strategic overview of its communications, media and leisure arm to attention on its principal property improvement and funding groups.

Wharf owns marquee Hong Kong residences together with the times square and Harbour town shopping department stores.

Tuesday's sale does not include tv broadcaster i-Cable Communications Ltd (1097.HK), which is likewise a part of the communications, media and entertainment business. Wharf said a strategic review of i-Cable turned into now not completed.

"we are very impressed with Wharf T&T's successful song file of establishing a client base of over 50,000 companies in Hong Kong and of building a main ubiquitous fiber community," Teck Chien Kong, partner, MBK companions said. (bit.ly/2dcvm1H)

MBK partners, run by using former Carlyle organization govt Michael Kim, has a long music document of making an investment in Asian generation, media and telecommunications belongings, which includes Taiwanese community television operator China network structures, cable tv community Gala tv and jap software program maker Yayoi.

TPG has also invested in a wide variety of telecom businesses in Asia, inclusive of telecommunications service provider Asia Netcom (now known as Pacnet) and Japan Telecom (now referred to as SoftBank Telecom).

the sphere of contenders to buy the telecom business had narrowed to the TPG-MBK group and telecom company HKBN Ltd (1310.HK).

Wharf T&T had its quality-ever half of yr consequences, Wharf Holdings said remaining month. A surge in demand for its facts transmission and high-speed internet provider for corporate clients helped working income leap 24 percentage to HK$214 million from a year earlier.

Wharf said its communications, media and entertainment segment accounted for simply 9 percentage of institution revenue and 1 percentage of operating profit.

Wharf Holdings shares have won nearly a third because the March strategic evaluate statement, even as shares in I-Cable have almost doubled.