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MBK Partners eyes Singapore IPO for China Network Systems

19 Jul 2013

tv_screen_170sqNorth Asia-focused private equity major MBK Partners is reportedly considering a Singapore IPO for Taiwan cable operator China Network Systems following  failed sale earlier this year.

The public listing is among options being discussed by the firm according to Bloomberg, which cited two people with knowledge of the situation.

Its proposed $2.4bn sale of the business to Taiwan’s richest man, Want Want China chairman Tsai Eng Meng, was blocked by regulators earlier this year after they decided he had not fulfilled conditions for approval.

CNS has more than 1.2 million subscribers in Taiwan, giving it a 20 per cent market share.

MBK, which was launched by five former Carlyle executives in 2005 agreed to buy a 60 per cent stake in CNS for NT$30.9bn ($1bn) a year later.

The firm is reportedly nearing the $2.6bn hard cap for its biggest-ever buyout fund thanks to massive oversubscription.

PEI reported earlier this month that the fund had made a penultimate close on $2.3bn, putting it already well ahead of the $1.6bn it gathered for Fund II in 2008 and its $1.56bn debut fund in 2005.

Its latest fund will continue the firm’s strategy of targeting companies in China, Hong Kong, Japan, South Korea and Taiwan by predominantly seeking controlling stakes.

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