Taiwanese food manufacturer Want Want Group is leading a consortium that agreed to acquire a 60% stake in Taiwan-based cable TV operator China Network Systems (CNS), according to reports.
The stake was sold by private equity firm MBK Partners for…
Taiwanese food manufacturer Want Want Group is leading a consortium that agreed to acquire a 60% stake in Taiwan-based cable TV operator China Network Systems (CNS), according to reports.
The stake was sold by private equity firm MBK Partners for US$2.4bn, including US$1bn in debt, in the largest PE deal in the region since 2006, according to Dealogic cited by the Financial Times.
Morgan Stanley advised MBK on the sale.
Late August private equity firms Bain Capital, Permira Advisers, Providence Equity Partners and Macquarie Group had reportedly been picked to make second-round bids to buy CNS. Reports also suggested that bids for CNS were coming in around US$2bn.
The transaction is expected to allow Want Want to expand its operations in the media industry. Its chairman reportedly acquired Taiwanese media group China Times Group two years ago. He is also a main shareholder in Hong Kong’s Asia Television.
MBK Partners bought the 60% stake in CNS in July 2007 for US$1.5bn. According to its website, the company now has more than one million cable television subscribers. The deal is subject to regulatory approval.
Want Want and MBK could not be reached for comment.
