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Och-Ziff among investors in CVC-owned Matahari $1.5 bln share sale-sources
March 8, 2013 / 1:15 AM / 5 years ago

Och-Ziff among investors in CVC-owned Matahari $1.5 bln share sale-sources

HONG KONG, March 8 (Reuters) - PT Matahari Department Store, a CVC Capital Partners-owned Indonesian retailer, has secured about $200 million in initial pledges from cornerstone investors, including Och-Ziff Capital Management Group LLC and asset manager Schroders, for its up to $1.5 billion share offer, sources with direct knowledge of the matter said.

CVC, a London-based private equity firm, is selling as much as a 40 percent stake in Matahari in what is expected to be Indonesia’s biggest share sale since a $4.4 billion offering by PT Bakrie & Brothers in 2008.

The offering is expected to be launched on Monday, added the sources, who were not authorised to speak publicly on the matter because details are not yet public. The shares are being marketed in a price-to-earnings ratio range of 25 to 29 times, they added.

Goldman Sachs Investment Partners (GSIP) and hedge fund Lone Pine Capital were among the other cornerstones making initial commitments, though the final roster might change, said the sources.

CVC declined to comment on the cornerstone investments, as did GSIP, Lone Pine and Schroders. Och-Ziff did not return calls seeking comment on the Matahari offering.

CVC led a consortium to buy a 98 percent stake in Matahari in early 2010 for $790 million in Indonesia’s biggest private-equity buyout.

The share sale would cut CVC’s stake in Matahari, the top department store operator in Indonesia with some 110 stores, and help the private equity fund make a profit from one of its early investments in Southeast Asia.

CVC hired CIMB Bank, Morgan Stanley and UBS last year to manage the sale.

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