International private equity firm CVC Capital Partners has agreed to acquire Hong Kong Broadband Network (HKBN) and IDD businesses from City Telecom. HKBN is a broadband operator in Hong Kong, which owns and operates a fiber network. The transaction is valued at approximately HK$5 billion (US$644 million), which will be funded via a combination of equity and debt financing (provided by JPMorgan and Standard Chartered Bank). Separately, CVC has invested US$105 million in Venturepharma Group, an integrated specialty pharmaceutical company that operates in China.