Carlyle among suitors for Indonesia's Matahari hypermarkets - reports
The hypermarket chain of Indonesian retail giant Matahari is up for sale, and suitors including the Carlyle Group and South Korean retailer Lotte Shopping are reportedly in the running to acquire the emerging market’s second-largest supermarket operator for as much as $1 billion.
Four suitors for the Hypermart-branded chain, including Carlyle and Lotte, have placed bids, according to Reuters, further suggesting that the company's sale could fetch as much as $1 billion. Domestic conglomerate Lippo Group is the majority owner of the asset, with a more than 50% stake in Matahari, and is specifically looking for a buyer for Matahari's 82 hypermarkets across Indonesia. The company claimed annual sales of approximately $1 billion.
The news comes months after CVC Capital Partners Asia Pacific (CVC AP) and its Indonesia venture partner purchased the department store arm of PT Matahari Putra Prima for IDR7.2 trillion ($773 million) - touted as the largest private equity transaction in Indonesia. Matahari is the second-largest hypermarket in Indonesia, following Carrefour, which is also taking acquisition bids for its Malaysian, Singaporean and Thai assets. However, CVC was not involved in this process, and has no connection to the hypermarket chain, according to figures close to the deal.
Merrill Lynch has been hired to advise Matahari in the process.
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