US-based I Squared Capital dumps plans to make separate offer for Hong Kong’s HKBN

U.S.-based infrastructure investment firm I Squared Capital has withdrawn plans to make a takeover offer for Hong Kong’s HKBN, the broadband operator said on Monday, as a competing bid backed by a state-owned entity takes center stage.

The announcement comes over a month after Reuters reported that China Mobile was nearing a deal to take over HKBN with I Squared having dropped out.

I Squared already owns Hong Kong-based broadband provider HGC Global Communications, in which China Investment Corp. holds a minority stake.