Fresh from sealing Hong Kong's largest leveraged buyout loan in five years, private-equity firms MBK Partners and TPG Capital are again teaming up to bid for one of the city's trophy telecoms assets. A bid for HUTCHISON GLOBAL COMMUNICATIONS, the wholly owned fixed-line unit of Li Ka-shing's Hutchison Telecommunications Hong Kong Holdings, will pit MBK and TPG against local broadband and telecoms service provider HKBN in a replay of last year's battle for Wharf T&T. The PE partners are said to be looking to a debt financing of nearly US$2bn. "Both bidders are well placed to buy HGC as the underlying business is quite stable and among the leading players in the sector in Hong Kong," said one senior leveraged-financing banker in Singapore.
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