CVC makes another partial exit from Matahari - report

According to IFR, the private equity firm raised IDR3.67 trillion ($294 million) by selling 238.6 million shares - or an 8% stake - at IDR15,400 apiece. It also exited a 4% interest to a single investor.

CVC started 2014 with a 31.5% interest in Matahari but reduced this to just over 14% through two transactions, generating proceeds of IDR7.2 trillion.

Matahari was a proprietary transaction, sourced through connections to the Riady family, owners of Lippo Group. CVC bought a 72.6% stake in the company from a Lippo-controlled entity in early 2010 at an enterprise valuation of $892 million. CVC and Lippo-owned Multipolar then set up an 80-20 joint venture which owned approximately 98% of Matahari.

In 2013, the two investors sold around 46% for $1.3 billion through a share placement. As of year-end 2014, the Lippo-controlled Multipolar held a 20.48% stake in Matahari.

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• Topics
• Exits
• Southeast Asia
• Consumer
• Indonesia
• Southeast Asia
• Exit
• Consumer
• CVC Capital Partners