FPG shows interest in acquiring GTV: source
The China Post news staff
April 29, 2014, 12:03 am TWN
TAIPEI, Taiwan -- An anonymous Formosa Plastics Group (FPG, 台塑集團) executive on Monday authenticated the group's interest in taking over the shares of Taiwanese pay-TV group Gala Television (GTV, 八大電視) from its Swedish major investor.
The Central News Agency (CNA) yesterday reported that Formosa Plastics Development Co. (台塑開發), a FPG subsidiary company, will be the ultimate investor of GTV. The high-ranking FPG official confirmed that the intermediate plastic material producer is in talks with EQT Partners about the acquisition price and investment proportion.
Taiwan-based newspaper Economic Daily earlier reported that EQT Partners is proposing to sell its controlling stake in GTV for up to NT$6 billion.
Sweden-based private equity fund EQT Partners acquired a 96.5-percent stake in GTV, which owns and operates four cable channels, in February 2011.
The TV network reported sales of NT$2.196 billion in 2012, with earnings before interest, taxes, depreciation and amortization of NT$726 million.