The up to HK$200 million ($25.5 million) acquisition is aimed at strengthening HKBN's ability to provide customers with complete end-to-end service ranging from network infrastructure and system integration to the future of cloud technology.
As part of the transaction, Andy Lau will remain ICG chairman and Eric Leung will take the role of ICG CEO to lead the integration into HKBN.
HKBN will support ICG in becoming a stronger reseller and managed service provider of cloud services from AWS, VMWare, Microsoft Azure, Alibaba Cloud, Cisco, Druva and Pure Storage among other cloud providers.
Global cloud providers are opening a number of new data centers in Hong Kong, with AWS planning to open a Hong Kong region later this year.
ICG is already one of Hong Kong's top multi-cloud system integrators and employs some of the region's top cloud architecture and strategy experts.
“This transaction is a win-win-win for HKBN, ICG and our combined customer base. As a result, we can now offer complete end-to-end solutions which include system integration and network infrastructure to help empower our customers with the services and expertise they need for success,” HKBN Enterprise Solutions COO Billy Yeung and HKBN Group COO and CEO-elect NiQ Lai said in a joint statement.
Due to our combination synergies, we expect this acquisition to be adjusted available cash per share for distribution accretive to our Co-Ownership III target over FY18-20.”
First published in Computerworld Hong Kong