Private equity firms, Hong Kong's HKBN bid for Hutchison fixed-line unit

Hong Kong

A CONSORTIUM of private equity firms TPG Capital Management and MBK Partners, as well as telecoms firm HKBN Ltd, are preparing separate bids for the fixed-line phone unit of Hong Kong's richest man, Li Ka-Shing, sources with direct knowledge of the matter said.

Hong Kong Global Communications (HGC), a unit of Hutchison Telecommunications Hong Kong Holdings Ltd, provides a range of fixed-line telecommunications services in Hong Kong and overseas for corporate and residential users.