CVC, Argyle Street exit Indonesian retailer Matahari in $223m share sale

CVC, Argyle Street exit Indonesian retailer Matahari in $223m share sale

Visual from company website.

Private equity firms CVC and Argyle Street Management have offloaded shares worth Rp3.02 trillion ($223 million) in Indonesia’s retailer Matahari Department Store. The shares were sold at Rp17,250 each – representing 8.3 per cent discount to the stock’s Wednesday close of Rp18,800.

CVC’s latest share sale is the company’s fourth sell-down in Matahari since the major offloading through a $1.3 billion initial public offering (IPO) in March 2013. The US-based PE firm bought 90.74 per cent stake in Matahari in April 2010 for $880 million.

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