CVC in $644m City Telecom carve out
CVC Capital Partners has agreed to purchase City Telecom’s telecom business for HK$5 billion ($644 million). City Telecom is the second-largest broadband provider in Hong Kong but wants to offload its Hong Kong Broadband Network (HKBN) and IDD assets to finance the expansion of its domestic television operations.
CVC is acquiring the business through Metropolitan Light Company, a Cayman-incorporated entity controlled by CVC Asia Pacific. The private equity firm is putting in HK$2.65 billion and will finance the...
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