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MBK exits CNS to Want Want in 2010's biggest Asia result

  • Paul Mackintosh
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MBK Partners has completed its exit from Taiwanese cable investee China Network Systems (CNS), selling its 60% stake to the head of local conglomerate Want Want China Holdings for $2.4 billion in 2010's largest Asian private equity exit, and nixing expectations of a possible secondary buyout result.

MBK is selling the CNS stake directly to Tsai Eng Meng, chairman of HKSE-listed Want Want, who originally made his career in snack foods, but has since expanded into media, buying Taiwan's China Times Group and investing in Hong Kong-based Asia Television. A Macquarie/Permira consortium also including strategic rival Ruentex Group was reportedly a close rival in the final bidding round. 

Bain Capital, Permira, Providence Equity Partners and Macquarie Group had all been involved in the bidding process for the asset, with the Blackstone Group and Kohlberg Kravis Roberts also cited as possible interested parties. MBK originally bought CNS in 2007 for some $1.5 billion, and announced in April that it was looking to exit the business. Morgan Stanley advised MBK on the exit.

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