China Mobile (HKG:0941, SHA:600941) completed the purchase of 15.46% shares in broadband operator HKBN (HKG:1310) on Wednesday, according to a same-day filing with the Hong Kong bourse.

In April, TPG Wireman agreed to sell 144,966,345, or 10.39%, of the shares of HKBN, to China Mobile, for HK$758.2 million.

TPG Wireman also converted certain convertible bonds in full into 83,661,106 new shares and sold the converted shares to China Mobile for roughly HK$437.5 million.

The bonds comprised a HK$970.5 million zero coupon subordinated unsecured perpetual convertible vendor loan issued by the broadband company to TPG Wireman.

Upon completion, China Mobile now owns 228,627,451 HKBN shares.

In December 2024, China Mobile had launched a takeover offer for HKBN.