9 August 2018
Clifford Chance advises MBK Partners and TPG on proposed WTT HK and HKBN merger
Leading international law firm Clifford Chance has advised MBK Partners and TPG on the proposed merger of WTT and Hong Kong Broadband Network Limited (HKBN).
MBK Partners is North Asia's largest independent buyout firm, and TPG is a leading alternative asset firm. Upon completion of the merger, HKBN, the second largest provider of residential broadband services in Hong Kong, will issue MBK Partners and TPG (currently joint owners of WTT) a combination of shares and Vendor Loan Notes which reflects a valuation of the WTT group at HK$10.5 billion.
The firm's cross-border, cross-practice team was led by partner and head of Corporate for Asia Pacific Andrew Whan, supported by senior associate Maureen Ho, and associates Michelle Kwok and Jonathan Yan. Partner Dave Poddar, senior associate Mark Grime and associate Kathryn Hender from Sydney office advised on antitrust aspects of the proposed merger.
Clifford Chance advised MBK Partners and TPG in their initial acquisition of WTT in 2016. Andrew offers, "This merger will effect the coming together of two key players that sit at the forefront of the telecommunications industry in Hong Kong. We are pleased to have advised MBK Partners and TPG on what looks to set a precedent for best in class service to customers in the region."