HK tycoon’s Wharf agrees to sell telecom unit for $1.2bn

04 October 2016 | Jason McGee-Abe

Wharf Holdings, backed by tycoon Peter Woo, has purportedly agreed to sell its Hong Kong telecoms unit to MBK Partners and TPG Capital Management LP for $1.2 billion.

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.