HKBN buys New World telecom for $83m

Co-owner Ni Quiaque Lai tells FinanceAsia the purchase will help HKBN expand faster, with further industry consolidation likely.

Hong Kong-based fibre optic telecom company HKBN agreed to buy the telecom and online marketing business of New World Development for HK$650 million $83.48 million on Thursday, as part of its effort to become Hong Kong’s largest broadband provider.

The transaction marks the latest attempt by the upstart telecom company and internet service provider to aggressively expand its presence in Hong Kong’s competitive market, and could yet be followed by further industry consolidation, Ni Quiaque Lai, chief financial officer and co-owner of HKBN, told FinanceAsia.

“We are buying a company that is highly complimentary they focus on enterprise solutions. This gives us this...

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