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October 5, 2016

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Wharf sells telecom business

HONG Kong tycoon Peter Woo’s Wharf Holdings Ltd has agreed to sell its telecom business to a consortium of TPG Capital Management LP and MBK Partners for HK$9.5 billion (US$1.22 billion), a person familiar with the matter told Reuters yesterday. The field of contenders to buy the business had narrowed to the TPG-MBK group and telecom firm HKBN Ltd after Wharf received about half a dozen final bids earlier this month. TPG and MBK declined to comment, while Wharf didn’t immediately respond to request for comment. Woo’s Wharf Holdings owns Hong Kong marquee properties including the Times Square and Harbour City shopping malls. The division being sold includes Wharf T&T — Hong Kong’s second-largest fixed-line operator for businesses, according to the firm’s website — but it does not include television broadcaster I-Cable Communications Ltd.


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