11 April 2012
Clifford Chance advises CVC Capital Partners on Hong Kong telecom and broadband acquisition
Leading international law firm Clifford Chance has advised Metropolitan Light Company Limited, a company formed by CVC Funds, on its acquisition of Hong Kong Broadband Network (HKBN) and the IDD business from City Telecom (H.K.) Limited (CTI).
The deal is valued at approximately HK$5 billion (US$641 million) and involves the acquisition of all of the IDD business of CTI in Hong Kong and Canada and HKBN. HKBN is the second largest broadband operator in Hong Kong and offers broadband, Voice over IP and IPTV services to its customers and subscribers across Hong Kong. The purchase will be funded with equity from CVC Funds, as well as debt from JPMorgan and Standard Chartered Bank.
"CVC is a long-standing client and we're delighted to have worked with them again on this strategic transaction," said partner Neeraj Budhwani, who co-led the team on this deal.
Neeraj and partner Andrew Whan co-led the transaction and were assisted by senior associate Derek Hung and associates Bryan Koo and Toby Parkinson. Partner Matthew Truman, assisted by senior associate Andrew Husdan and associates Adrian Bright and Frances Lai, advised on the financing aspects of the transaction.