CVC Drops $644M On Hong Kong Telecom Unit

Law360, New York (April 11, 2012, 12:27 PM EDT) -- British buyout group CVC Capital Partners LLC will buy the broadband Internet and telecom assets of City Telecom H.K. Ltd. for HK$5 billion (US$644 million), it said Wednesday, marking Asia's biggest private equity deal so far in 2012.

The acquisition, which includes CVC equity and a loan from Standard Chartered Bank PLC and J.P. Morgan & Co., is the firm's latest and largest step into Asian telecom. Last year, the firm sank $275 million into Indonesian cable TV and Internet provider PT Link Net. It also...
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