MBK Partners and TPG Capital worked out a deal to acquire Wharf T&T for HKD9.5 billion ($1.2 billion), beating out local rivals Hong Kong Broadband Network (HKBN) and SmarTone.

The all-cash deal, which is expected be completed late next month, is the first major telecoms deal in the territory since HKT acquired mobile operator CSL from Australia’s Telstra in early 2014 for $2.4 billion.

Wharf Holdings, which is controlled by billionaire Peter Woo, announced in March it was looking to offload its communications, media and entertainment (CME) unit Wharf T&T, a fixed-line and broadband provider for mostly corporate clients, and pay-TV operator i-Cable.

MBK Partners and TPG Capital submitted a joint offer in early September. KKR & Co, HKBN and the territory’s smallest operator SmarTone also submitted bids.

Wharf said in a stock market filing that its strategic review of its CME businesses has not yet been completed and it is considering its options on the future of i-Cable.

According to Bloomberg, MBK has spent more than $3.3 billion on telecoms, media and cable firms in north Asia. The Wharf deal is its first Hong Kong investment.