Freshfields Bruckhaus Deringer has the lead role advising London-based private equity firm CVC Capital Partners Ltd. on its proposed $1.36 billion offering of shares in Indonesian retailer Matahari Department Store.
According to the Financial Times, CVC currently owns 57 percent of Matahari, with major stakes also held by Government of Singapore Investment Corp. and Multipolar Tbk, an investment holding company owned by Indonesian conglomerate Lippo Group. The planned offering values Matahari at around $3 billion and accounts for around 46 percent of its total equity.
A group of investors including asset management company Blackrock Inc., Azentus Capital Management Ltd., Fidelity Investments Institutional Services Co. Inc., London investment management services company Schroders Plc., Singapore investment firm Temasek Holdings (Pte.) Ltd and Och- Ziff Capital Management Group, has agreed to cover $435 million of the offering.
If successful, the share sale, which is planned for late March, will be the largest in Indonesia since 2008, when conglomerate Bakrie & Brothers raised $4.4 billion in a rights issue.
Freshfields is advising CVC on U.K. and U.S law while Indonesian firm Makes & Partners is acting as Indonesian counsel. The Freshfields team is being led by Singapore office head Stephen Revell and Hong Kong partner Ken Martin.
Clifford Chance and Hiswara Bunjamin & Tandjung are advising CVC on refinancing aspects of the transaction.
The underwriters—CIMB Group Holdings Bhd., Morgan Stanley and UBS A.G.—are being advised by White & Case and Jakarta-based Hadiputranto Hadinoto & Partners.
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