Far EasTone is involved in a multi-billion-dollar deal to acquire TV operator China Network Systems (CNS), it emerge d this week.
The Taiwanese mobile operator has partnered with Morgan Stanley’s private equity business in a $2.3 billion takeover of CNS, Reuters reported on Friday, citing a source with direct knowledge of the situation.
The newswire added that it was unable to obtain official confirmation of the deal from any of the parties.
However, its source claimed that the deal is expected to close in the first quarter of next year, subject to regulatory approval.
The deal will be funded via a $950 million bond issue and a $1.5 billion loan, the source said.
CNS is currently majority owned by South Korean private equity firm MBK Partners.
MBK has made a couple of attempts to exit the venture in recent years.
Just under a year ago there were reports that it had brokered a $2.4 billion deal with Taiwan’s Wei family, but the agreement appears to have come to nothing. An earlier bid for CNS by China’s Want Want was blocked by regulators.
CNS provides broadband and cable TV services to consumers in Taiwan.
