July 28, 2006
The Carlyle Group has received approval from the Investment Commission to acquire a majority stake in Eastern Multimedia, according to a statement from the commission. The investment amount totals
NTD19.4 billion (
USD 599.12 million).
Because Taiwan law prohibits foreign companies from owning more than a 60% stake in a cable TV operator, the Washington-based equity firm will carry out the investment through companies registered in the British Virgin Islands and Taiwan. Three British Virgin Islands-registered companies will invest in three Taiwanese companies, which will re-invest in Eastern Multimedia and its cable subsidiaries on behalf of Carlyle.
Carlyle also employed a similar strategy earlier this year when it puchased shares in the Taiwan Broadband Corporation, investing through both Holland-based and Taiwanese companies.
Eastern Multimedia, Taiwan's largest cable TV broadcaster, received approval for the deal from the Fair Trade Commission in early July.
(Taipei Times, Eastern Multimedia)
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