Marketing Media News
Staff Reporters
Oct 27, 2010

Taiwanese snack maker Want Want Group to buy stake in China Network Systems

TAIPEI - A consortium led by Taiwanese snack maker Want Want Group has agreed to buy leading cable television company China Network Systems (CNS) for US$2.4 billion, according to a report in the Financial Times.

Taiwanese billionaire and Want Want chairman Tsai Eng-meng
Taiwanese billionaire and Want Want chairman Tsai Eng-meng

The report goes on to mention the transaction will mark the largest cable TV deal in Asia. 

Special assistant to GM at Want Want Chao Yu-pei confirmed the agreement and said CNS is to acquire a 60 per cent stake in CNS from private equity group MBK Partners. MBK acquired its stake for approximately US$1.5 billion in 2007. 

The deal is subject to regulatory approval as a number of cross-border mergers and acquisitions deals have recently been held up or blocked, according to the report.

The acquisitionWant Want chairman Tsai Eng-meng's expanding media portfolio in Asia, including Taiwan's China Times Group and shares in Hong Kong's Asia Television.

Source:
Campaign Asia

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