Lungyen denies CNS acquisition report rumors

The China Post
Date: January 12, 2017
By: Christine Chou

A joint plan between Far Eastone Telecommunications (遠傳電信) and Morgan Stanley’s private equity

Lungyen Group chairman Lee Shih-tsung is seen in this undated photo. Lungyen was reported to be one of the potential buyers of the cable-TV operator China Network Systems. (Courtesy of CnYes)

arm to acquire Taiwan’s largest cable TV operator China Network Systems (CNS, 中嘉網路) has reportedly failed, as new reports of a new buyer have emerged.

Far Eastone said Wednesday it reached out to the seller to confirm the news report, as well as to ensure them that they had not withdrawn from the deal.

The telecoms company also expressed hope that the National Communications Commission (NCC) would give them the regulatory green light soon.

“This acquisition is the biggest foreign investment deal the nation has seen in recent years. We hope it can be seen in a fair, objective light as it would help the development of digital convergence in Taiwan,” Far Eastone’s statement read.

Local newspaper Economic Daily News reported CNS’ majority shareholder MBK Partners, a Korea-based private equity fund, expects Morgan Stanley Private Equity Asia (MSPE Asia) to withdraw from the acquisition since they believe the deal “will never receive regulatory approval.”   [FULL  STORY]

Leave a Reply

Your email address will not be published. Required fields are marked *

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.