TPG, MBK pay high price for Wharf T&T

The private equity firms beat strategic buyer HKBN, which had penciled in extensive synergies.

TPG, MBK pay high price for Wharf T&T

Buyout firms TPG Capital and MBK Partners’ joint acquisition of Wharf TT for HK$9.5 billion $1.22 billion looks pricey, especially since the telecoms firm will now face a fierce local competitor in HKBN, according to industry sources.

The funds said on Wednesday they are acquiring Hong Kong’s second-largest fixed line operator from real estate conglomerate The Wharf Holdings.

TPG and MBK Partners are paying about 11.5 times earnings...

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