CVC seizes rare chance to buy HK telecom asset
Private equity mega-deals are a comparative rarity in Hong Kong. Discount pre-IPO investments in large Chinese state-owned enterprises and one is left with a number of significant minority transactions and barely a handful of buyouts. Until last week, the $200 million threshold for control transactions had been crossed only three times in the last 10 years.
CVC Capital Partners' HK$5 billion ($644 million) purchase of City Telecom's telecom business is not only unusual for being a large-ticket buyout. It is also rare for a major Hong Kong internet service...
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