HKBN terminates talks on potential sale to I Squared

Hong Kong's telecoms company HKBN has ended talks on a potential sale with I Squared Asia Advisors, the parent company of internet service provider HGC Global Communications. 

According to a Hong Kong Stock Exchange filing released on Tuesday, HKBN said it has terminated discussions with I Squared Capital over a potential takeover offer.

This came as I Squared expressed preliminary interest in making a potential takeover offer through HGC Global Communications back in March, a fixed-line operator it owns that has infrastructure in Hong Kong and overseas.

According to Bloomberg, people with knowledge of the matter told the media that I Squared put negotiations on hold after it failed to bridge differences over valuation with HKBN’s major shareholders, adding that attempts to drum up other suitors also failed to gain traction.

Don't miss: China Mobile reportedly eyes HKBN buyout 

In fact, reports have emerged around HKBN's potential buyers. Back in April, China Mobile was reportedly mulling to acquire Hong Kong's telecoms company HKBN, which was currently valued at US$1 billion. According to Reuters, China Mobile filed a request for proposal (RFP) to a small group of banks to advise on acquiring HKBN, which offered services including broadband and Wi-Fi management.

MARKETING-INTERACTIVE has reached out to HKBN for a statement.

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