The private equity firm has appointed Credit Suisse, Deutsche Bank and Goldman Sachs to handle the share sale, which could raise at least $500m said Reuters, citing people familiar with the matter.
CVC held a 49 per cent stake at the beginning of June with PT First Media holding a 41 per cent interest with the remaining 10 per cent held in public hands, according to the report.
One of the sources said that the deal would be “easily over $500m.”
The number of internet users in Indonesia is expected to climb to 62.8m or 24.5 per cent of the population by 2017 from 46.75m currently which represents 18.7 per cent of the population.
Meanwhile, CVC and fellow private equity firm KKR and TPG are among groups looking to buy a majority stake in food retailer Kuwait Food Co, also known as Americana.
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