Australian investment bank Macquarie is to buy an A$1.2 billion ($892m; €743m; £505m) controlling stake in Taiwan Broadband Communications, the island state's fourth-largest cable TV operator.

Macquarie Media Group, whose parent has just launched a hostile takeover bid for the London Stock Exchange, has acquired the TBC stake from US private equity firm Carlyle Group. The deal is expected to be inked by March.

A statement from Macquarie says: "[TBC] provides an essential service to its local communities, has a strong position in the markets in which it operates, generates stable cash flows, has a management team with a superior track record and provides further opportunities for growth."

TBC has 650,000 subscribers and controls about 12% of Taiwan's cable connections through five separate regional TV licences.

Macquarie, which also owns 85 radio stations in Australia, plans to retain the cable operator's current management, including its American head, David Dea, and has not outlined plans to alter its content or its operations.

Data sourced from Financial Times online; additional content by WARC staff