CVC Capital Partners completes US$644 million acquisition of Hong Kong Broadband Network and IDD Business
May 30, 2012
644.00 Million USD
On May 30, 2012, CVC Capital Partners ("CVC"), completed the acquisition of Hong Kong Broadband Network Limited ("HKBN") and IDD businesses from City Telecom (HK) Limited, following an announcement on April 11, 2012.
The transaction is valued at approximately HK$5.1 billion. The acquisition combines CVC's financial strengths and extensive network with HKBN's established capabilities, and is expected to contribute towards an enhanced competitive position of HKBN in both business and residential telecom markets in Hong Kong.
CVC Capital Partners, headquartered in the London, United Kingdom, is a private equity management and investment advisory firm.
Hong Kong Broadband Network Limited, headquartered in Hong Kong, is a broadband service provider.
City Telecom (HK) Limited, headquartered in Hong Kong, is a provider of residential and corporate fixed network and international telecommunications services.
McCarthy Tétrault LLP acted as Canadian counsel for CVC Capital Partners, as acquiror, with a team led by Joyce Lee, and including Daphne Yew.