Meadow Asia Company Ltd., a unit of UK. buy out firm CVC Capital Partners Ltd., agree to pay IDR7.2 trillion to buy the department store unit of PT Matahari Putra Prima Tbk, Indonesia's biggest retailer.
Matahari Putra Prima sold its 90.76 percent stake in PT Matahari Department Store to Meadow, a venture it established with CVC Capital.
Today, Matahari Putra Prima's shares jumped 10.9 percent to IDR1,120. The company plans to buy a 20 percent stake in Meadow, with an option to purchase an additional 10 percent.
The share surged as people expect a tender offer. Meadow will also buy another 7.24 percent stake in Matahari Department Store from shareholders, Matahari Putra said in a filing today on the Indonesia Stock Exchange. The agreement was signed on Jan. 23, the statement said.
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