Baker & McKenzie has advised Swedish private-equity firm EQT on the sale of its stake in Taiwan-based Gala TV to Yung Tsai Investment Co.
Gala TV was a portfolio holding in EQT’s Greater China II fund, and the sale of the cable-TV operator to Yung Tsai Investment Co, an investment fund owned by three senior executives of Taiwan’s Formosa Plastics Group, was closed on August 8.
The Baker & McKenzie team was led by Taiwan-based corporate partners Michael Wong and Chris Tsai, and Tracy Wut, who is based in Hong Kong. Lee and Li advised Yung Tsai Investment.
Formosa Plastics had wanted to buy Gala TV in April, but the deal was blocked by Taiwan’s National Communication Commission, citing a violation of local cable radio and TV law.
EQT had acquired its stake in Gala TV from Korea’s MBK Partners and businessman Yang Teng-Kuei in 2011.
Gala TV was founded in 1997 and operates four commercial and satellite TV channels including GTV One, GTV Variety Show, GTV Drama, and GTV Channel.
