Telecommunications company Hong Kong Broadband Network (HKBN) has received a non-binding preliminary indication of interest from global infrastructure fund I Squared Capital, Bloomberg reported.

The global infrastructure fund proposed to acquire all outstanding shares of HKBN, a regulatory statement said.

If the proposal advances, I Squared Capital plans to execute the deal through its portfolio company, HGC Global Communications.

Discussions between HKBN and I Squared are ongoing, focusing on the proposal’s terms, including the price, the news publication added.

I Squared’s offer could range from HK$5 to HK$6 per HKBN share, potentially exceeding the previous offer from China Mobile.

This development comes two weeks after the broadband company received a non-binding proposal from China Mobile Hong Kong, a unit of the state-backed carrier, regarding a potential cash takeover bid.

China Mobile is said to have conducted due diligence on a potential takeover of HKBN and has been negotiating with the company’s major shareholders, including private equity companies such as MBK Partners and TPG, the news publication reported, citing sources familiar with the matter.

The telecom giant reportedly indicated a willingness to pay at least HK$5 per share, valuing HKBN at more than HK$6.5bn ($835m), the sources said.

I Squared, a US-based investment firm, owns HGC Global Communications, a Hong Kong-based telecom provider acquired in 2017 for HK$14.5bn.

Previously, I Squared attempted to acquire HKBN, but the deal fell through due to valuation disagreements.

Earlier in 2024, HKBN also attracted preliminary takeover interest from investment company IDG Capital.

HKBN provides a range of services, including internet, telecom solutions, data centers, and Wi-Fi services.