Hong Kong tycoon Peter Woo’s Wharf Holdings has agreed to sell its telecom business to a consortium of private equity firms TPG Capital Management LP and MBK Partners Inc for HK$9.5 billion ($1.22 billion), a person familiar with the matter told Reuters on Tuesday.
The field of contenders to buy the business had narrowed to the TPG-MBK group and telecom firm HKBN Ltd afterWharf received about half a dozen final bids earlier this month. The sale comes after Wharf said in March it was conducting a strategic review of its communications, media and entertainment arm.
