EQT Buys Gala TV

Swedish private equity group EQT has acquired Taiwanese TV channel operator Gala TV, Reuters reported. EQT’s Greater China II fund bought the company with its chief executive, Lin Poa-Chuan, as co-investor, Reuters said. Financial terms of the deal were not disclosed.

(Reuters) – Private equity group EQT, which is one third owned by Swedish investment company Investor AB, said on Monday it had bought Taiwanese TV channel operator Gala TV.

EQT said in a statement its Greater China II fund had bought the company with its chief executive, Lin Poa-Chuan, as co-investor. Details of the transaction were not disclosed.

Gala’s former owner, private equity group MBK Partners LP, put Gala and cable TV multiple systems operator China Network Systems up for sale in the middle of last year.

A source told Reuters last year that Gala would probably be worth less than T$10 billion ($341.4 million).

Taiwan’s Want Want China Holdings said late last year that it is leading a consortium to buy China Network Systems. ($1=29.29 Taiwan Dollar) (Reporting by Patrick Lannin; Editing by Hans Peters)