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October 25, 2010, 11:45 PM EDT
By Weiyi Lim and Cathy Chan
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Oct. 26 (Bloomberg) -- Want Want Group and its partners agreed to buy Taiwanese cable-television operator China Network Systems, said Chao Yu Pei, special assistant to the group?s president.
The group, whose investors include Taiwanese businessmen, signed an agreement yesterday to buy the shares from MBK Partners Ltd., he said, declining to provide financial details. The agreement is subject to regulatory approval, he said.
MBK agreed in October 2006 to buy China Network, Taiwan?s second-biggest cable-television operator, with Taiwan?s Koo family. The fund effectively controls all of China Network through a preference-shares arrangement with the local partner, people familiar with the deal said in August.
China Network had 1.05 million subscribers at the end of 2009, giving it a 21 percent share of Taiwan?s cable TV market, while Kbro Co. had a 22 percent share with 1.11 million customers, according to a National Communications Commission report published in July.
## -0- Oct/26/2010 03:13 GMT
-0- Oct/26/2010 03:21 GMT
To contact the reporter on this story: Weiyi Lim in Taipei at wlim26@bloomberg.net
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
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(Adds background from third paragraph.)
Oct. 26 (Bloomberg) -- Want Want Group and its partners agreed to buy Taiwanese cable-television operator China Network Systems, said Chao Yu Pei, special assistant to the group?s president.
The group, whose investors include Taiwanese businessmen, signed an agreement yesterday to buy the shares from MBK Partners Ltd., he said, declining to provide financial details. The agreement is subject to regulatory approval, he said.
MBK agreed in October 2006 to buy China Network, Taiwan?s second-biggest cable-television operator, with Taiwan?s Koo family. The fund effectively controls all of China Network through a preference-shares arrangement with the local partner, people familiar with the deal said in August.
China Network had 1.05 million subscribers at the end of 2009, giving it a 21 percent share of Taiwan?s cable TV market, while Kbro Co. had a 22 percent share with 1.11 million customers, according to a National Communications Commission report published in July.
## -0- Oct/26/2010 03:13 GMT
-0- Oct/26/2010 03:21 GMT
To contact the reporter on this story: Weiyi Lim in Taipei at wlim26@bloomberg.net
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
Powered by WizardRSS | Full Text RSS Feeds