Bidders for a majority stake in Indonesian ISP Link Net worth about US$824m reportedly include local media giant MNC Group and telcos XL Axiata and Indosat.
Private equity firm CVC Capital Partners and Indonesian investment firm Lippo want to sell their…
Bidders for a majority stake in Indonesian ISP Link Net worth about US$824m reportedly include local media giant MNC Group and telcos XL Axiata and Indosat.
Private equity firm CVC Capital Partners and Indonesian investment firm Lippo want to sell their combined 67.3% in the group after listing 30% of it in October for about US$450m, reported Bloomberg citing sources.
They initially sought to list 40% of the broadband and cable TV operator on Indonesia’s bourse for about US$650m, but had to scale back following weak investor demand amid volatile markets, coupled with concerns about reforms being introduced by the country’s new President Joko Widodo.
An Indonesian buyer would need to make an offer for the rest of the listed company under local takeover rules, added Bloomberg, which also cited two sources as saying CVC may still decide not to sell its holding with Lippo.
Neither party was able to comment on the speculation.
Link Net is the second-largest fixed broadband and cable TV operator in Indonesia with a network passing more than 500,000 homes across Greater Jakarta, Surabaya and Bali.
Goldman Sachs and Credit Suisse were reported to be global coordinators for the listing last year.
