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Taiwanese broadcaster, Far EasTone gets Morgan Stanley to get a stake in China Network Systems on its behalf

American multinational bank Morgan Stanley’s Asian private equity operations will be taking a stake in local Taiwanese network TV operator China Network Systems. The deal is to let another Taiwanese broadcaster, Far EasTone Telecommunications Co Ltd, to eventually acquire the holding. The transaction is being carried out this way as domestic regulations prevent Far EasTone Telecoms from taking the CNS stake now. The deal will effectively let the Taiwanese telecom carrier to acquire CNS, assuming the regulations change without breaching the regulations as they currently stand. Under the terms of the deal, a private equity fund managed by Morgan Stanley Private Equity Asia – North Haven Private Equity Asia IV – will acquire an equity ownership in China Network Systems, while Far EasTone will subscribe to a corporate bond of up to NT$17.12 billion ($540.3 million).


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