CVC opts for marketed sell-down in Matahari Department Store

After trying to find one large buyer for its stake in Matahari Department Store, CVC Capital Partners has decided to monetise a portion of it through the capital markets instead.

Bankers started investor education yesterday for a secondary share sale that is expected to raise about $1 billion, although depending on the feedback and the final valuation some sources say the deal could expand to as much as $1.5 billion.

That will make it the biggest equity deal in Indonesia since Bank Mandiri raised $1.3 billion from a combined placement and rights issue in early 2011 and potentially the biggest since Bakrie Brothers’ $4.4 billion rights issue...