HK Broadband Network buys WTT in HK$10.5b dealBusiness | 8 Aug 2018 2:48 pm
Hong Kong Broadband Network (1310) has purchased WTT Holding, formerly known as Wharf T&T, for about HK$10.5 billion, including debt.
The Hong Kong residential broadband provider purchased the entire share capital of WTT Holding, an ICT services provider, for HK$5.49 billion, with existing debt of WTT which amounted to of US$670 million (HK$5.26 billion).
WTT Holding has cash and cash equivalents assets of HK$260 million. WTT is jointly owned by private equity firms TPG Capital Management LP and MBK Partners Inc.
HKBN shares fell as much as 5.5 percent to HK$11.58 in early trading, the lowest since July 2016.