CVC Capital Partners Ltd. picked Goldman Sachs Group Inc., Deutsche Bank AG and Credit Suisse Group AG to manage a sale of its shares in Indonesian Internet service provider PT Link Net Tbk (LINK), people with knowledge of the matter said.
The London-based buyout firm may raise about $500 million from the offering, two of the people said, asking not to be identified as the process is private.
CVC is seeking to divest its stake after Link Net stock more than tripled since listing on the Indonesia Stock Exchange last month. At $500 million, the share sale would be the biggest in Indonesia this year, according to data compiled by Bloomberg.
Last year, CVC and Indonesia’s Lippo Group raised $1.5 billion divesting their stakes in PT Matahari Department Store (LPPF) in Indonesia’s biggest share sale, data compiled by Bloomberg show. PT First Media Tbk, a company backed by Lippo Group, is the other main investor in Link Net.
CVC owns a 49 percent stake in Link Net, valued at about $742 million at the current share price, according to exchange filings. Link Net’s initial public offering raised $42 million, data compiled by Bloomberg show.
The Wall Street Journal reported the bank mandates yesterday, citing unidentified people. CVC declined to comment in an e-mailed response to questions.
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