HKBN Is Said to Draw PAG Interest After I Squared Approach (2)

HKBN Ltd. is attracting interest from private equity firm PAG, people familiar with the matter said, setting up a potential bidding war with I Squared Capital for the Hong Kong broadband provider.

PAG is doing preliminary work including analyzing the company and sounding out sources of financing, the people said, asking not to be identified as the information is confidential. Potential suitors may seek to team up with HKBN management in a buyout, the people said.

Others including telecommunications firms in the region and investment funds could also explore bids for HKBN, the people said. Valuation remains a significant ...