Latham & Watkins has advised Hong Kong’s residential broadband provider HKBN on its HK$10.5 billion ($1.34 billion) agreement to purchase fixed-line operator WTT HK, with Clifford Chance representing the sellers, private equity firms TPG Capital Management LP and MBK Partners.

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, reported Reuters.

After the deal closes, MBK Partners and TPG will each own 11.66 percent stake in HKBN, in addition to a non-voting, couponless vendor loan note valued at HK$970.5 million, said Reuters. The two private equity firms would end up owning close to 15 percent of WTT each once the vendor loan notes are converted.

The deal marks a partial exit for MBK and TPG, whose consortium won an auction in October 2016 to acquire WTT from Hong Kong tycoon Peter Woo’s Wharf Holdings Ltd for HK$9.5 billion ($1.22 billion), Reuters added.

The Latham team was led by Hong Kong partners Simon Cooke and Terris Tang.

The Clifford Chance team was headed by partner and head of corporate for Asia Pacific, Andrew Whan, and Sydney partner Dave Poddar.

 

To contact the editorial team, please email ALBEditor@thomsonreuters.com. 

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