Taiwan’s National Communications Commission (NCC) has approved the sale of cable operator Kbro by private equity firm Carlyle Group to Daniel and Richard Tsai.
The acquisition was cleared after the NCC ruled that it does not violate a local law that…
Taiwan’s National Communications Commission (NCC) has approved the sale of cable operator Kbro by private equity firm Carlyle Group to Daniel and Richard Tsai.
The acquisition was cleared after the NCC ruled that it does not violate a local law that bans government ownership in media entities.
In September 2009, Taiwan Mobile, controlled by the Tsais and partly owned by the Taipei city government, had agreed to buy Kbro from Carlyle for NT$32.8bn (US$1.02bn) in stock and debt assumption of NT$24bn (US$746m).
However, the Taiwanese government refused to approve the acquisition.
The Tsai brothers therefore decided to purchase the company under their own mandate – not under the umbrella of Taiwan Mobile.
The Tsai family has now reportedly offered to buy Kbro for NT$36.1bn (US$1.2bn) through its recently established company Da-fu Media.
Another private equity firm is also looking to sell one of its portfolio companies in Taiwan. Food manufacturer Want Want Group is reportedly leading a consortium that agreed to acquire a 60% stake in Taiwan-based cable TV operator China Network Systems (CNS).
The stake is being sold by PE house MBK Partners for US$2.4bn, including US$1bn in debt, in what would be the largest PE deal in the region since 2006. The deal is still pending a review by the NCC.
