August 5, 2014 / 2:37 PM / 4 years ago

CVC to cut stake in Indonesian retailer Matahari - WSJ

Aug 5 (Reuters) - Private equity firm CVC Capital Partners plans to raise up to $300 million by selling a part of its stake in Indonesian retailer Matahari Department Store , the Wall Street Journal reported, citing people familiar with the matter.

CVC plans to cut its stake in Matahari to about 17 percent from 25 percent, the Journal reported. (

The private equity firm expects to sell the retailer’s shares at 13,900-14,325 Indonesian rupiah ($1.19-$1.22) each, the newspaper reported.

CVC sold a 6.5 percent stake in Matahari in March.

The private equity firm recently hired Credit Suisse, Deutsche Bank and Goldman Sachs to handle a share sale in Indonesian internet service provider Link Net Tbk PT, Reuters reported last month.

CVC and Matahari were not immediately available for comment. ($1 = 11,695 Indonesian rupiahs) (Reporting by Arnab Sen in Bangalore; Editing by Kirti Pandey)

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