Providence out of bidding race for Taiwan's CNS - reports
PE firm Providence Equity Partners has reportedly dropped out of the race to acquire MBK Partners-backed Taiwan cable operator China Network Systems (CNS) – an asset that could fetch up to $2 billion - leaving players Australian investment bank Macquarie Group, Bain Capital and Permira as the final contenders.
South Korea-based MBK first purchased CNS in 2007 for $1.5 billion, or 11x EBITDA, and announced in April that it would exit its investee. Reports tout that the sale would be the biggest PE exit seen in...
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