Plans to list Hong Kong fibre operator HKBN in March could raise as much as US$750m, TelecomFinance understands.
Shareholders including majority owner CVC Capital Partners aim to sell 645 million existing shares at HK$8-9 each, according to a source…
Plans to list Hong Kong fibre operator HKBN in March could raise as much as US$750m, TelecomFinance understands.
Shareholders including majority owner CVC Capital Partners aim to sell 645 million existing shares at HK$8-9 each, according to a source familiar with the situation.
It is understood that the Canada Pension Plan Investment Board has committed US$200m to be the deal’s cornerstone investor.
HKBN and CVC declined to comment.
The operator told Hong Kong’s stock exchange today that it will issue a prospectus for the offering on or about Friday, with trading set to start on 12 March.
It listed Goldman Sachs, JP Morgan and UBS as joint global coordinators. TelecomFinance understands that CLSA and HSBC are also acting as joint book runners with Rothschild serving as financial adviser.
CVC bought 100% of HKBN back in May 2012 for around HK$5bn (US$644bn) in one of Hong Kong’s biggest leveraged buyouts. It has since reduced its stake to around 70.7%. Singapore sovereign wealth fund GIC holds a stake of just over 11% and Carlyle’s AlpInvest Partners unit owns around 8%.
