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Temasek approached over CVC’s Matahari Department Store share sale

18 Jan 2013

matahari department store2Singaporean sovereign wealth investor Temasek is reportedly being lined up to take part of CVC Capital Partners’ stake in Indonesia’s Matahari Department Store.

Bankers advising CVC have also approached US insurer AIG according to the Wall Street Journal, which said CVC’s planned to sell $1.5bn of shares.

The exit of the country’s largest department store chain would be the Indonesia’s biggest deal for five years it added.

In October it emerged CVC had hired Morgan Stanley, UBS and CIMB to sell part of its 98 per cent stake in Matahari.

The London-based buyout firm was believed to be aiming to more than double its money by selling part of the stake, which it picked up for between $800m and $900m in 2010.

The firm’s original purchase alongside Matahari Putra Prima was the largest-ever foreign private equity-led investment in the country at the time.

CVC is reportedly in talks with investors about its next buyout fund, which could target as much as €11bn ($14.25bn).

The firm was “soft marketing” for the fund at the end of November according to a report in the UK’s Independent newspaper.

A month earlier Altassets revealed the firm had boosted its investor relations team with the hiring of former Coller fundraiser Rob Squire.

That followed the news that CVC’s chairman, Michael Smith, was to retire from the firm, ending a career spanning three decades.

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