MBK Partners is selling its 60% stake in China Network Systems CNS for about $2.4 billion including debt to Taiwan’s Wei family, after a protected investment period and a clash with regulators, according to a person familiar with the matter.
The sale to the Wei family, known for their control of noodle-maker Tingyi, still needs regulatory approval but MBK hopes this time it will get the green light.
The deal has been through several twists and turns, including one exit falling through, plans for an IPO and now another sale. “It hasn’t been easy,” said one person involved.
The private equity firm tried to...