Taiwan business conglomerate Formosa Plastics Group says the company has agreed to acquire all the stakes of Taiwan cable TV network Gala TV (GTV) held by Swedish private equity firm EQT Partners, according to a company release.
Details of the deal were not disclosed.
Earlier in April, media reported that EQT Partners were to exit its investment in Gala TV for NT$6 billion (US$200 million) to potential buyers including Formosa Plastics Group.
Founded in 1997, Gala currently operates four commercial cable and satellite television channels, GTV One, GTV Variety Show, GTV Drama and GTV Channel.
EQT Partners, together with Gala’s general manager Lin Po-Chuan, acquired undisclosed stakes in the company in 2011 from MBK Partners and Taiwan entertainment mogul Yang Teng-Kuei.
Founded in 1954, Formosa Plastics Group is the largest conglomerates in Taiwan. Its business covers petrochemicals, semiconductors, healthcare, among others.
EQT is established in 1994 and has raised over €25 billion (US$35 billion) across 16 funds.