PE firm sells part Matahari stake

European private equity firm CVC Capital Partners has further trimmed its stake in Indonesia’s Matahari Department Store.

CVC will raise up to $300 million selling down its holding from 25 per cent to around 17 per cent. Matahari has 116 stores across Indonesia.

In 2013, CVC also sold some of its stake in the retailer for around $214 million.

The PE firm became a majority owner of Matahari in 2010 when it acquired 80 per cent for $770 million from Indonesia’s Riady family.

CVC has hired Credit Suisse, Deutsche Bank and Goldman Sachs to manage the sale.

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