Hong Kong broadband Internet services provider HKBN has ended talks with private equity firm I Squared Capital on a potential buyout offer, according to a filing on the Hong Kong Stock Exchange (HKEX) on Tuesday.
Financial details of the offer were not disclosed in the filing.
The end of the offer comes about a year after discussions regarding the HKBN takeover began. KKR, PAG, and China Mobile were also considering bids for the broadband provider, according to media reports.
I Squared initially expressed interest in making a potential offer earlier in March through HGC Global Communications, a fixed line service provider.
HGC, founded in 1995 and formerly known as Hutchison Global Communications, was acquired by the Miami-headquartered private equity firm in 2017.
HKBN offers broadband Internet services to residential and corporate clients locally. Some of its shareholders include Singapore sovereign wealth fund GIC, MBK Partners, and TPG.
Last month, the negotiations for the deal were put on hold when HKBN and the buyers could not come to a decision on the company’s valuation, per a Bloomberg report, adding that I Squared was considering the takeover at a valuation upwards of $1 billion.
Attempts by HKBN to find other interested candidates did not lead to any more official offers, the report said.
Founded in 2012, I Squared is an infrastructure investment manager focusing on energy, utilities, telecom, and transport in North America, Europe, and high-growth economies. The firm has offices in Miami, London, New Delhi, Hong Kong, Taipei, Sydney, and Singapore.