[THE INVESTOR] MBK Partners, the nation’s largest private equity firm, said on Oct. 4 that it will be acquiring Wharf T&T, a Hong Kong-based telecom carrier, in a consortium with US alternative asset firm TPG.

The deal is priced at about US$1.22 billion and the buyout process is scheduled to be completed next month.

Wharf T&T is Hong Kong’s largest enterprise-focused telecom service provider, with an extensive fiber optic network covering about 90 percent of the commercial market. 

“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 fiber network,” said Teck Chien Kong, partner of MBK Partners, in a statement.

Ricky Lau, partner of TPG added, “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.”

MBK Partners has a long track record investing in Asia’s technology, media and telecommunications assets, including China Network Systems, Gala TV, Invoice, C&M and Yayoi.

TPG has also invested in a wide range of leading telecom companies such as Hanaro Telecom (now SK Telecom), Asia Netcom (now known as Pacnet), Japan Telecom (now SoftBank Telecom), Avaya and Apollo Towers.

By Lee Ji-yoon (jylee@heraldcorp.com)