Taiwan’s Want Want China Holdings will lead a consortium of investors acquiring Taiwan-based cable operator China Network Systems from private equity group MBK Partners, Reuters reported. Financial terms were not disclosed, though Reuters valued the deal at more than $2 billion, and named Taiwan cable company ETTV among the other investors. Seoul-based MBK Partners, which has more than $3.7 billion under management, bought China Network Systems for $1.5 billion in 2007.
(Reuters) A Taiwan-based consortium led by Want Want Holdings has agreed to buy Taiwan cable operator China Network Systems Ltd, owned by private equity firm MBK Partners, for more than $2 billion, a source familiar with the situation said on Monday.
North Asia-based private equity fund MBK Partners is selling China Network after buying it in 2007 for $1.5 billion, and the auction drew interest from private equity and strategic buyers including Australian investment bank Macquarie Group Ltd (MQG.AX). (Reporting by Michael Flaherty in Hong Kong; writing by Megan Davies in New York; editing by Gerald E. McCormick)