UPDATE 1-Bain, Macquarie among shortlisted for CNS auction-IFR

* Four bidding groups shortlisted for second round – IFR

* Citigroup providing debt financing to one group – IFR
(Adds details, background)

By Prakash Chakravarti

HONG KONG, Aug 18 (BestGrowthStock) – Private equity funds Permira,
Providence Equity Partners, Bain Capital and Australian
investment bank Macquarie Group Ltd (MQG.AX: ) have been
shortlisted for second-round bids to buy Taiwan cable company
China Network Systems (CNS), IFR reported on Wednesday.

The deadline for submission of second-round bids was Sept.
20, the report said.

North Asia-focused private equity fund MBK Partners has put
CNS on the block and a sale is expected to value the company at
about $2 billion, sources have previously told Reuters.

If successful, MBK’s exit will be the biggest private equity
sale in the Asia-Pacific region this year.

Permira had teamed up with Taiwan conglomerate Ruentex Group,
while Macquarie had joined hands with Want Want Holdings to form
another group, the report added, citing a banker close to the

Bain Capital has teamed up with another private equity group
that the report did not identify. It said Bain and Providence
were holding separate talks with domestic business families that
control Cathay Financial Holding Co Ltd (2882.TW: ), Hon Hai
Precision Industry Co Ltd (2317.TW: ) and Yuanta Group about
forming consortiums.

Morgan Stanley (MS.N: ) (Read more about the money market today. ) is advising MBK on the sale. The IFR
report also said Citigroup Inc (C.N: ) was providing debt financing
for the Permira-Ruentex consortium.

MBK Partners is selling CNS after buying the asset in 2007
for $1.5 billion.
(Writing by Denny Thomas; Editing by Chris Lewis)

UPDATE 1-Bain, Macquarie among shortlisted for CNS auction-IFR