Move is the first in South Korea for equity group
HONG KONG — Private equity group Carlyle has agreed to pay $166 million for a one-third stake in Hyundai Communications & Network (HCN), the Korean cable TV operator owned by department store chain Hyundai.
HCN, which is one of the top four cable companies in South Korea and owns stakes in 11 nets, said it will use the new coin to upgrade its digital facilities and improve service quality through improved content. It has 1.1 million customers.
Move is the first in South Korea for Carlyle, which is targeting the country with a new $1.8 billion buyout fund. Earlier this year, Carlyle paid $1.4 billion to take over Eastern Multimedia, the second-ranking cabler in nearby Taiwan.
“We expect strong future growth in the media and telecom sectors, where Korea is a leading global player,” said Kwun John-il, Carlyle’s managing director in South Korea.