CVC takes minority stake in LinkNet

1 Jul 2011

Private equity group CVC Capital Partners Asia Pacific has completed the acquisition of a minority stake in Indonesian internet, data and pay-TV service provider LinkNet. The private equity firm announced yesterday that it has purchased a 33.94% stake in the telco for IDR1.63 trillion (USD191 million), with an option to raise its holding to 49%. The Jakarta Globe adds that LinkNet will still be 51% owned by First Media, its parent company. CVC’s purchase forms part of a wider IDR2.35 trillion investment with First Media under which the latter is due to receive IDR722 billion for a bond instrument. The group operates in three strategic markets in the country: Greater Jakarta, Surabaya and Bali. Its telecoms and TV services cover a population of 37 million and around nine million households.

Indonesia, LinkNet (First Media)