Australian investment bank Macquarie yesterday said it was acquiring Taiwan's third largest cable TV operator, Taiwan Broadband Communications Ltd for 1.189 billion Australian dollars (US$883 million).
Macquarie Media Group will acquire 60 percent of the U.S.-based Carlyle Group's holdings in the company and Macquarie Bank will hold the remaining 40 percent.
Macquarie said the price represents an enterprise to earnings before interest, tax depreciation and amortization multiple of 9.4 annualized earnings for the nine months to September.
Macquarie Media Group executive chairman Tim Hughes said the acquisition positioned the fund to participate in further consolidation in Taiwan's cable television industry.
The local television broadcaster TBC also offers Internet connections, digital television programming, telephony and advertising.
The acquisition is the first foreign purchase for Macquarie Media Group since it listed on the Australian Stock Exchange in November. The deal is due to be finalized in first quarter 2006.