HKBN Announces Completion of WTT Acquisition

HKBN Announces Completion of WTT Acquisition







HONG KONG, April 30, 2019 /PRNewswire/ -- HKBN Ltd ("HKBN"; SEHK stock code: 1310) is pleased to announce the completion of its acquisition of WTT Holding Corp ("WTT") today.


HKBN Board of Directors welcomes Mr. Zubin Jamshed Irani and Mr. Teck Chien Kong to join as non-executive directors, representing TPG Capital Asia and MBK Partners respectively.


Assuming his new dual role as the CEO of HKBN Enterprise Solutions and the CEO of WTT, Billy Yeung said, "We look forward to the immediate start of synergy realization for the long-term benefit of enterprise customers in Hong Kong."


Billy will lead a Merger Integration Team comprising representatives from each key function layer from HKBN and WTT, and immediately kick start the business integration process.


Instead of following the common practice to commission the production of acrylic deal tombstones for the deal team to celebrate this deal completion, HKBN and its deal partners Clifford Chance, Economics Partners, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities (Asia Pacific) Limited, KPMG and Latham & Watkins LLP are pleased to announce the sponsorship of at least two Room to Read schools in Bangladesh and Sri Lanka for a lasting positive impact.


John Wood, Founder of Room to Read, said, "We could not be more thrilled to have a successful merger being celebrated in a way that unites purpose and profitability. We have always believed in the power of capitalism to make the world a better place, but to do that we need enlightened leadership. This deal team has created an inspiring model by tying a social outcome to the successful completion of a merger. We hope that other leaders will emulate this example."


HKBN was advised by J.P. Morgan Securities (Asia Pacific) Limited as financial advisor and Latham & Watkins LLP as legal counsel on the transaction. WTT was advised by Goldman Sachs (Asia) L.L.C. as financial advisor and Clifford Chance as legal counsel on the transaction. Clifford Chance also advised the group on competition matters.


For HKBN acquisition completion announcement on HKEx, click here: http://www3.hkexnews.hk/listedco/listconews/sehk/2019/0430/LTN20190430207.pdf


To learn more about Room to Read, click here: www.roomtoread.org/



The HKBN & WTT Merger Celebration Plaques to be placed in two Room to Read schools in Bangladesh and Sri Lanka


The HKBN & WTT Merger Celebration Plaques to be placed in two Room to Read schools in Bangladesh and Sri Lanka

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.


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Logo - https://photos.prnasia.com/prnh/20180516/2135073-1LOGO

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