Over the last few months Wharf had received bids for its Wharf T&T arm, which included bids from US private equity firm KKR & Co and Hong Kong Broadband Network (HKBN), MBK Partners and TPG Capital Management LP, and SmartTone Telecommunications Holdings.
HKBN had been seen as the front-runner but Hong Kong’s second-largest business fixed-line operator has now been sold to the TPG-MBK consortium group, according to a Reuters report.
Last year, Wharf T&T generated around $100 million pre-tax.