PT Multipolar Tbk and CVC Capital Partners have joined forces to peg US$1.36 billion value to sell shares in retailer PT Matahari Department Store. The move was to ride the wave of consumer stock demand in Indonesia and to profit from one of the most profitable opportunities in the region.
The terms include for 1.167 billion shares in the retailing giant ranging in price between 10,000 and 11,250 rupiah totaling 13.13 rupiah for the whole lot. This exit by CVC would be one of the most profitable for the London-based private equity firm as of yet, after its initial investment of US$790 million including debt to become a minority owner for the company now valued at US$3.4 billion according to Reuters.
The share sale is projected to be completed by March 27 of this year. The purchasers for block shares include pledges from BlackRock, Fidelity Investments, Schroders and Goldman Sachs together with Investment Strategies.
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