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Canada Pension Plan Investment Board (CPPIB) has acquired 17% ownership interest in HKBN Ltd. as part of its initial public offering.
CPPIB has invested a total consideration of HK$1,551 million (US$199.7 million).
Founded in 1999, Hong Kong Broadband Network Limited is the second largest residential broadband service provider by number of subscriptions in Hong Kong. HKBN owns an extensive fibre network in Hong Kong, which covers over 2.1 million residential homes passed, representing approximately 79% of Hong Kong's total residential units, and more than 1,900 commercial buildings.
HKBN offers, among others, broadband and data connectivity, voice communication, managed Wi-Fi solutions, Cloud solutions and IT advisory services, as well as a diversified portfolio of residential broadband and Wi-Fi access, communication and entertainment services.
Scott Lawrence, Managing Director & Head of Relationship Investments at CPPIB, stated:
"We are pleased to be making this Relationship Investment in HKBN, one of the leading providers of broadband services in Hong Kong. As a cornerstone investor, we are delighted to begin a long-term partnership with HKBN's talented management team, and look forward to working together to generate growth for the company."
"This investment fits well with Relationship Investments' focus on providing strategic, long-term capital to leading public companies, like HKBN, where CPPIB can participate in the future success of the company and help create greater value through an ongoing partnership."