CVC Capital Partners is eyeing up to $1.5bn by selling its stake in listed Indonesian retailer Matahari Department Store, it is understood.
The firm controls 98 per cent of the business alongside partner Lippo Group, and could agree a sale as early as next month according to Bloomberg.
It said the sale of a 40 per cent stake could value Matahari at more than $3bn, citing three unidentified sources.
Japan’s Aeon and a unit of Thailand’s Central Group have both emerged as potential private buyers of the chain, which would mark Indonesia’s biggest deal for five years.
Both businesses have denied being interested in buying the company, although Reuters previously reported sources as saying the companies had hired investment banks to advise on a possible deal.
CVC’s original purchase of the company alongside Matahari Putra Prima was the largest-ever foreign private equity-led investment in the country at the time.
The firm is believed to be in talks with investors about its next buyout fund, which could target as much as €11bn ($14.25bn).
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