Sources have revealed that Taiwan's Wei family has reached an agreement to acquire majority control of China Network Systems (CNS) for nearly $2.4 billion (1.44 billion pounds) including debt from private equity firm MBK Partners. The Wei family is famous for controlling Hong Kong-listed noodle maker Tingyi Cayman Islands Holding Corp. However, the company is now looking forward to venture in telecoms and media.

It is all set to begin services of new 4G wireless services firm this week. Led by Wei Ying-chiao, the Wei family will buy majority stakes in the island's biggest cable TV operator and will encourage other Taiwanese businessmen as well to invest in CNS.

A person close to the Wei family said the deal was agreed after they worked really hard for a long time. If the deal goes through, the CNS purchase will mark Taiwan's sixth-biggest M&A deal. The deal is equivalent to the acquisition of 20% stakes of Kuokwang Petrochemical Co Ltd. by United Arab Emirates state-owned International Petroleum Investment Corp for $2.4 billion in 2005.

MBK, formed by five former Carlyle executives led by Michael Kimin in 2005, has 60% of CNS, which means 1.2 million cable TV subscribers. The Wei family wants to acquire more than 50% of the company. MBK has been trying to sell CNS for four years.

According to a banker working on the deal, smooth regulatory clearance of the deal is expected because of the Wei family's personal investment in the acquisition and lack of other media businesses. The person added that the CNS would have debt of about $1 billion at the closure of the deal.

The Asia-focused buyout firm is making a second attempt to sell CNS after previous deal with a group led by Want Want China Holdings was jeopardized by regulatory delays.