HONG KONG, July 18 (Reuters) - Taiwan’s Far EasTone Telecommunications Co Ltd and Morgan Stanley Private Equity Asia are seeking a loan of up to T$48 billion ($1.60 billion) to fund their bid for China Network Systems Co Ltd (CNS), Basis Point reported on Friday citing banking sources with knowledge of the deal.
The two companies are seeking to buy the stake in the network television company CNS from South Korean private equity firm MBK Partners LP, the people said.
Citigroup is financial advisor on the transaction, Basis Point, a Thomson Reuters publication, said citing the banking sources.
Far EasTone, CNS, Morgan Stanley and MBK did not immediately respond to requests for comment.
The deal faces possible competition from Foxconn Technology Group, Apple Inc’s main contract manufacturer. Foxconn had in April expressed interest in buying the stake in CNS according to local media reports at the time.
MBK, which bought its CNS stake for $1.5 billion in 2006, was blocked by Taiwan’s regulators from selling the stake in October 2010 for $2.4 billion to a group led by Want Want China Holdings. ($1 = 29.9780 Taiwan Dollars) (Reporting by Carol Zhong of Basis Point, writing by Lawrence White; Editing by Miral Fahmy)