agreed tosell its telecom unit Wharf T&T Ltd. for HK$9.50 billion in cash to a jointventure owned by private investment firm TPG and north Asia-focused buyoutfirm MBK Partners Fund III LP.

GreenEnergy Cayman Corp. agreed to buy all the issued shares of Wharf T&T, totaling740 million shares, from Wharf Communications Ltd. Proceeds from the divestmentwill be used as additional funding for the conglomerate's future businessdevelopment and investment opportunities.

Thecompany noted that a reason for the sale is because the market has"drastically" changed since it established the business in 1992,adding that the pace of change in the market has accelerated.

WharfT&T is one of Hong Kong's largest telecom service providers. It recorded apost-taxation profit of HK$301 million in 2015 and had a net asset value ofabout HK$2.1 billion, as at June 30. In reporting its first-half2016 earnings, Wharfsaid that the unit saw its "best half-year results ever."

Earlierin 2016, the Hong Kong-based conglomerate started a strategic of its communication,media and entertainment segment, which is yet to be completed. Upon the WharfT&T deal's completion on or before Nov. 23, the segment will mainlycomprise television broadcaster i-Cable Communications Ltd.

GoldmanSachs (Asia) LLC was the exclusive financial adviser to Wharf Communications.