HKBN & WTT Welcome the Communications Authority's Acceptance of Commitments
Clearing the Way to Closing of Merger
HONG KONG, April 17, 2019 /PRNewswire/ -- HKBN Ltd. ("HKBN"; SEHK stock code: 1310) and WTT Holding Corp. ("WTT") welcome the Communications Authority's acceptance of their commitments (https://www.coms-auth.hk/en/media_focus/press_releases/index_id_1907.html) and plan to close their merger by the end of April 2019.
HKBN is pleased to announce the appointment of Zubin Irani and Teck Kong to our Board of Directors as representatives of TPG Capital Asia and MBK Partners immediately after closing the transaction. HKBN and WTT would also like to take this opportunity to thank Vincent Ma, CEO of WTT, who will retire from his current role as CEO of WTT upon deal completion, for his leadership in getting WTT to this point. After closing, Billy Yeung, COO of HKBN Enterprise Solutions will assume the new role of CEO of HKBN Enterprise Solutions and CEO of WTT, and lead the overall integration process.
"We are very excited about the combined entity and the opportunity to partner with a world class management team delivering best in class ICT services to all customers in Hong Kong," said Zubin Irani, Partner, TPG Capital Asia.
"This is a transaction between two strong and highly complementary businesses that are committed to serving the needs of their customers to the highest of standards. HKBN and WTT's merger will benefit the combined customer base through a broader and more competitive range of services," said Teck Kong, Partner, MBK Partners.
"We expect the biggest beneficiaries of this merger will be Hong Kong businesses, as with the combined scale of HKBN and WTT, we look forward to delivering disruptive innovation in ICT services to make doing business in Hong Kong easier," added NiQ Lai, Co-Owner and CEO of HKBN Group.
About HKBN Ltd.
HKBN Ltd. (SEHK Stock Code: 1310, together with its subsidiaries, "HKBN" or the "Group") is an investment holding company. The Group is Hong Kong's second largest provider of residential high speed fibre broadband service, and a fast-growing enterprise solutions provider. The Group offers a wide range of telecommunications solutions for both the residential and enterprise markets, including broadband and Wi-Fi network services, cloud solutions, data connectivity, mobile and global data services, data facilities, system integration, voice communication and entertainment services. HKBN owns an extensive fibre network in Hong Kong, which covers 2.3 million residential homes passed, and 2,400 commercial buildings. HKBN embraces "Make our Hong Kong a Better Place to Live" as its core purpose, and it takes great pride in developing its Talents into a competitive advantage. The Group is managed by Co-Owners (supervisory and management level Talents in the Group) who have invested their own savings to buy the shares of HKBN Ltd.
About WTT HK Limited
Formerly known as Wharf T&T Limited and acquired by MBK Partners and TPG Capital in 2016, WTT is the only enterprise-focused fixed telecommunication services operator with significant fixed line infrastructure in Hong Kong. WTT has already invested over HK$7 billion in its network to create a leading fibre-optic end-to-end network in Hong Kong covering more than 5,500 commercial buildings. Together with a robust in-house service engine offering a comprehensive range of ICT products and bespoke services, WTT is a trusted partner of its diverse base of over 56,000 business customers serving their mission critical needs. For more information about WTT, please visit www.wtthk.com.
SOURCE HKBN & WTT
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