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PAG eyes I Squared target HKBN

Alternative investment firm PAG is interested in acquiring Hong Kong telecommunications group HKBN setting up a potential $1 billion-plus bidding war with rival private equity firm I Squared Capital, according to a report by Bloomberg.

Unnamed Bloomberg sources say that PAG is currently carrying out preliminary work on a potential bid including examining sources of financing and the possibility of teaming with the broadband provider’s current senior management team.

Deliberations are reportedly ongoing and the buyout firm could decide against making an offer, the sources said. 

Earlier this month, HKBN confirmed a Bloomberg News report that I Squared had made an approach over a possible offer to acquire the business through HGC Global Communications Ltd. 

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