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MBK Partners and TPG to acquire Wharf T&T

Independent North Asian buyout company MBK Partners and TPG, a global alternative asset firm, are to acquire through a newly established and jointly owned special purpose vehicle Wharf T&T from The Wharf.

The transaction values Wharf T&T at HKD9.5 billion.
 
Wharf T&T is Hong Kong’s largest purely enterprise-focused telecom service provider, with an extensive fibre optic network covering approximately 90 per cent of the commercial market. The company offers a portfolio of local data connectivity and a full suite of ICT services complemented by leading system integration capabilities.
 
Teck Chien Kong, partner of MBK Partners, says: “We are very impressed with Wharf T&T's successful track record of establishing a client base of over 50,000 enterprises in Hong Kong and of building a leading ubiquitous fibre network in Hong Kong, reflecting the quality and commitment of its management team and employees.”
 
Ricky Lau, partner of TPG, adds: “We are excited to invest in Wharf T&T and look forward to partnering with the existing management team in providing world class technologies and internet services to enterprise customers in Hong Kong.”
 
“Wharf initiated a strategic review for our CME business earlier this year to evaluate different options to enhance their value. As a result, we are pleased to have entered an agreement with MBK and TPG for them to acquire the Wharf T&T business,” says Stephen Ng, chairman and managing director of The Wharf (Holdings) Limited. “Both MBK and TPG have extensive investment experience in telecommunication assets around the world. We believe that Wharf T&T will be best positioned to achieve its next phase of growth and development after the acquisition.”

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