I Squared Capital has beat out reported competition from fellow PE firms such as TPG Capital and MBK Partners to buy Hutchison Global Communications, the fixed-line telecom business of Hutchison Telecommunications Hong Kong, for HKD 14.5 billion (about $1.86 billion). Operating primarily in Hong Kong and mainland China, the acquired unit owns a fiber network that comprises 1.4 million kilometers and is a provider of more than 25,000 wifi hotspots.
Hutchison Telecom is a unit of CK Hutchison, a conglomerate run by Li Ka-shing, reportedly the richest man in Hong Kong. Just last week, a different Hutchison affiliate agreed to purchase energy-metering company ista from CVC Capital Partners for as much as €4.5 billion, while a separate branch of the business purchased the Austrian business of Tele2, for about €95 million, per reports.
I Squared is an infrastructure investor focusing on the energy, utilities and transport sectors. After completing 10 investments last year, per the PitchBook Platform, the firm has finalized just one acquisition so far in 2017.
Article by PitchBook
