Freshfields Bruckhaus Deringer is acting for HKBN Ltd, Hong Kong’s second-largest broadband Internet provider, on its $750 million IPO.
Private equity firm CVC Capital Partners, which is part of Carlyle Group, and Singapore's sovereign wealth fund GIC raised a combined $710 million from selling their shares in HKBN.
Two other investors raised about $40 million in the listing, from which HKBN itself received no funds, Reuters reported. No new shares were offered in the sale.
CVC bought HKBN from Hong Kong Television Network Ltd in May 2012 for about $628 million. The private equity firm three months later sold a $40 million stake to Singapore’s GIC and a $29 million stake to Carlyle’s AlpInvest.
Freshfields Singapore partner Stephen Revell and Hong Kong partners Grace Huang and Ken Martin are advising HKBN on the transaction. Haiwen & Partners is the broadband provider’s PRC counsel.
Latham & Watkins is representing Goldman Sachs, JP Morgan and UBS – the joint sponsors and joint global coordinators for the IPO – while Fangda Partners is providing PRC legal advice to the banks.
Maples and Calder is advising HKBN on Cayman Islands law.
