CVC opts for marketed sell-down in Matahari Department Store

The secondary share sale, which will essentially be a re-IPO of the Indonesian company, is expected to raise at least $1 billion.
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A Matahari department store in Bali
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<div style="text-align: left;"> A Matahari department store in Bali </div>

After trying to find one large buyer for its stake in Matahari Department Store, CVC Capital Partners has decided to monetise a portion of it through the capital markets instead.

Bankers started investor education yesterday for a secondary share sale that is expected to raise about $1 billion, although depending on the feedback and the final valuation some sources say the deal could expand to as much as $1.5 billion.

That will make it the biggest equity deal in Indonesia since Bank Mandiri raised $1.3 billion from a combined placement and rights issue in early 2011 and potentially the biggest since Bakrie Brothers’ $4.4 billion rights issue...

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