Hong Kong Broadband’s PE backers make partial exit
Thursday, September 24, 2015
(AVCJ by Tim Burroughs) – CVC Capital Partners and its co-investors, AlpInvest Partners and GIC Private, have sold a 7.6% stake in Hong Kong Broadband (HKBN), the internet services provider they acquired in 2012 and took public in March.
The investors sold 76.3 million shares following the expiry of a six-month post-IPO lock-up period, HKBN said in a regulatory filing. Based on current market prices, the sake is worth approximately HK$679 million ($87.6 million), although it was likely sold at a small discount. HKBN's stock is currently trading at around HK$8.90, having jumped 6.4% on September 23.
