Credit Suisse Group AG, Deutsche Bank AG and Goldman Sachs Group Inc., have been appointed by CVC Capital Partners to advise the private equity firm on the sale of shares in PT Link Net Tbk, an Indonesian broadband and cable-TV operator, in a deal that could raise at least $500 million, sources told WSJ.
The sale of shares in Link Net, which is also owned by Indonesia’s Riady family, would be CVC’s latest divestment in Indonesia and could be the biggest so far this year in the country.
In March 2013, CVC sold part of its shares in Indonesian department-store operator PT Matahari Department Stores Tbk in a deal that raised $1.3 billion. In March of this year, the European private-equity firm sold an additional $214 million of shares in the same company.
CVC declined to comment Tuesday.
The share sale is likely to happen this year, said a person with knowledge of the plan.
The move to sell Link Net shares comes after CVC wrapped up fundraising for its fourth Asia fund. It raised $3.5 billion for the fund earlier this year, adding to a growing pile of private-equity capital chasing deals in the region. There was $138 billion of unspent capital in private-equity funds in Asia at the end of last year, according to Bain & Co., the most since the firm started keeping track in 2007.
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