International law firm Freshfields Bruckhaus Deringer has advised CVC Capital Partners and Indonesian department store operator PT Matahari Department Stores Tbk on the US$1.3 billion global offering of approximately 40% of the issued share capital of Matahari Department Stores by CVC and PT Multipolar Tbk. The deal attracted 15 cornerstone investors, who together purchased approximately 33% of the offering.
With 116 stores in over 50 cities across Indonesia, Matahari Department Stores is the largest department store operator in the country.
Freshfields partner Stephen Revell commented: “Many of our clients view Indonesia as a challenging market, but I believe that with the right team involved, successfully carrying out a large scale offering in Indonesia can be a relatively straightforward process. This deal was helped greatly by the quality of the company and a strong management team. I think this is a good example of a company that following acquisition was strongly supported by its PE investors, and hopefully the offering is going to reward that investment and support.”
The Freshfields team advising CVC and Matahari Department Stores was led by co-head of global capital markets Stephen Revell in Singapore and head of China corporate practice Ken Martin. They were supported by senior associate Amy Beckingham and associates Jennifer Gillcrist and Meiping Zhao.
