CVC explores sale of Indonesia's Matahari Department Store-sources
HONG KONG/JAKARTA Oct 5 (Reuters) - CVC Partners is exploring the sale of Indonesia's PT Matahari Department Store , sources told Reuters, seeking a price tag of more than $2 billion after paying less than half that amount for the company two-and-a-half years ago.
Sources with direct knowledge of the matter said that CVC is in early discussions with investment banks about selling the company, though no formal process has begun.
The successful sale of fast-growing Matahari would allow CVC to likely earn a strong investment return ahead of its expected fundraising push for its next Asia fund, sources said. Such a deal would also be a boost for CVC, which is facing a heavy loss on its investment in Australia's Nine Entertainment.
CVC declined to comment on its plans for an exit from Matahari. Matahari did not return a call seeking comment.
The sources declined to be identified as the discussions were private.