Want Want Group, a company best known in China for its popular rice crackers, has agreed to acquire China Network Systems, Taiwan’s leading cable television company, in a deal that could be worth $2.4 billion.

Chao Yu-pei of Want Want, said that the company had signed an agreement to buy private equity group MBK Partners’ 60 per cent stake in CNS, a deal that would make Want Want the cable TV company’s biggest shareholder.

Profit margins in Taiwan’s cable TV market are the highest in Asia, and the sector has been a hotbed of deal activity as foreign investors who flocked to it in 2007 look to recoup their investments. The deal is still subject to regulatory approval.

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