Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

CVC Partners Said to Seek Banks to Arrange Link Net Share Sale

Don't Miss Out —
Follow us on:

June 12 (Bloomberg) -- CVC Capital Partners Ltd. has reached out to investment banks about selling its stake in Indonesian Internet service provider PT Link Net Tbk, people with knowledge of the matter said.

The London-based buyout firm asked banks to pitch next week for a mandate to arrange the offering, which could raise $350 million to $500 million, 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 earlier this month. A $350 million share sale would be the biggest in Indonesia this year, according to data compiled by Bloomberg. Link Net’s initial public offering raised $42 million, the data show.

Last year, CVC and Lippo Group raised $1.5 billion divesting their stakes in PT Matahari Department Store in Indonesia’s biggest share sale, data compiled by Bloomberg show. PT First Media Tbk, a company backed by Indonesia’s Lippo Group, is the other major investor in Link Net.

CVC first invested 2.35 trillion rupiah ($270 million) in Link Net in 2011 and later increased its stake to 49 percent. The company’s shares fell 0.1 percent in Jakarta trading today, giving it a market value of 15.2 trillion rupiah.

An external spokeswoman for CVC declined to comment. The Wall Street Journal first reported on the share sale plans yesterday, citing unidentified people.

To contact the reporter on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net

To contact the editors responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net Ben Scent

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.