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Wharf T&T marks up business expansion upon acquisition

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MBK Partners and TPG have completed the acquisition of Wharf T&T from property giant The Wharf (Holdings) last week. The transaction values Wharf T&T at HK$9.5 billion.The company's immediate target, Wharf T&T chief executive Vincent Ma said in a press conference last Thursday, was to increase its domestic market share to 25% from the current 17% and increase annual profit by 50%, South China Morning Post reported.The company reported a profit after tax of HK$301 million last year, according to a regulatory filing from the Wharf group and parent Wheelock and Company.The acquisition marked Shanghai-based MBK Partners' first investment in Hong Kong. Prior to Wharf T&T, MBK Partners has invested in some other Asian TMT assets, including in China Network Systems, Gala TV, Invoice, C&M and Yayoi.Teck Chien Kong, partner of MBK Partners, said the company has been focusing on Asia enterprises. "We are very impressed with Wharf T&T's successful track record of establishing a client base of over 50,000 enterprises in Hong Kong and of building a leading ubiquitous fibre network in Hong Kong, reflecting the quality and commitment of its management team and employees."Ricky Lau, Partner of TPG added, "We are excited to invest in Wharf T&T and look forward to partnering with the existing management team in providing world class technologies and internet services to enterprise customers in Hong Kong."

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