CVC Completes IDR2.5 Trillion Matahari Department Store Stake Sale (Asia)
Source: Matahari Department Store, Asian Venture Capital Journal | Author(s): Tim Burroughs
Private equity and investment advisory firm CVC Capital Partners has raised IDR2.5 trillion (approximately US$215 million) by reducing its stake in Indonesia-based retailer Matahari Department Store. CVC-owned Asia Color Company sold 190 million shares in Matahari, a 6.5 percent stake, at IDR13,100 (approximately US$1.13) per share. CVC, which originally bought a 73 percent stake in the company in 2010 at an enterprise valuation of US$892 million, now holds a 26 percent stake. CVC and another shareholder, Multipolar, which is owned by Indonesian business conglomerate Lippo Group, had previously sold approximately 46 percent of the company for US$1.3 billion through a share placement in March 2013.