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CVC picks banks to sell stake in Matahari - sources
October 23, 2012 / 11:41 AM / 5 years ago

CVC picks banks to sell stake in Matahari - sources

JAKARTA, Oct 23 (Reuters) - Private equity firm CVC Partners has hired CIMB, Morgan Stanley and UBS to sell a stake in Indonesian group PT Matahari Department Store , sources said.

CVC is looking at a deal that would value the whole company at more than $2 billion, having paid less than half that 2-1/2 years ago, one of two sources with direct knowledge of the matter told Reuters on Tuesday.

“CVC is looking to sell a stake in the first half of 2013,” another source said. Sources declined to be named as they were not authorized to talk to the media.

CVC has asked banks since late September to explore plans to sell Matahari, sources told Reuters earlier. (Reporting by Janeman Latul; Editing by Dan Lalor)

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