According to people familiar with the matter, Bloomberg KKR Co. and PAG are among the few people who are considering bids for Hong Kong telecommunications provider HKBN Ltd.
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The people said that private equity firms have been speaking to advisers as they conduct due diligence on HKBN, but they don't want to be identified because the matter is private. The business has a market value of $1.6 billion because of the shares of HKBN in Hong Kong trading this year. According to Bloomberg, the company's enterprise value is around $2.9 billion.
HKBN provides broadband internet services to residential and corporate customers in the city. It also provides other enterprise telecom solutions, runs data centers and offers Wifi connectivity. The major shareholders include TPG Inc. and MBK Partners.
The people said that Stonepeak attracted initial interest. There is a chance that HKBN will get a deal, given the booming demand for infrastructure assets around the world.
The people said that there is no assurance that the funds will proceed with formal bids at an early stage. The people said that a potential deal could still be affected by the challenging financing markets and stock market volatility.
Representatives for PAG and Stonepeak didn't immediately respond to requests for comment, while spokespeople for HKBN and KKR didn't immediately respond to requests for comment.
In 2018, HKBN announced a merger with WTT, the enterprise-focused fixed telecom provider that was owned by TPG and MBK. No Used Cars Become An Expensive Problem for Online Dealers Like Carvana
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