Wei Family to purchase cable TV operator CNSTim Kennedy (Author) Published Date : Aug 25, 2014 12:10 ET
According to the sources Taiwan s Wei family will be buying the biggest cable TV operator in the region Network System SNS as the deal worth $2.4 billion where it also includes the debt which the firm took from the equity firm MBK partners.
The firm which has the control over Tingyi Cayman Islands Holding Corporation one of the listed noodle makers in Hong Kong are now willing to expand its business in to the telecommunication sector and the deal indicates after its latest 4G service firm is expected to start proceedings from next week.
According to an executive at Ting Hsin International which is also the parent company of the firm informed, We hope to create an environment where 4G services and the cable TV business can work together digital convergence is the future for us.
However the executive requested anonymity as like the other sources also requested not to mention their names.
It was also learnt that Wei Ying chiao who leads the Wei family will be asking the other business groups in its region to invest in the sector.
One of the officials at Wei family informed, We won this deal because we worked very hard on this for a long time this is not final yet. We still need the blessing of Taiwan's regulators.
This will be the biggest deal after Kuokwang Petrochemical Company s 20 percent share has been bought by the United Arab Emirates International Petroleum Investment Corporation which cost $2.4 billion and the deal took place in 2005 according to the data.
MBK has 60 percent share of CNS where the firm has the rivals like Kbro along with some small firms while it is yet to identify who owns the remaining 40 percent shares of CNS however it was learnt that the remaining shares have been hold by a Taiwanese business man.
Wei Family to purchase cable TV operator CNS