Asia Link Holding Ltd., a unit of CVC Capital Partners Asia Pacific, agreed to invest IDR2.35 trillion in PT First Media and its unit PT Link Net, First Media, an Indonesian cable-television company.
Asia Link plans to invest IDR1.63 trillion for a 34 percent stake in Link Net, with an option to raise it to 49 percent. Link Net will issue new shares for the purchase and Asia Link will also pay First Media IDR722 billion for a bond instrument.
The CVC investment, may help fund First Media’s expansion. If the company achieves those numbers, it will boost its revenue from $90 million last year to $360 million in 2015.
According to Media Partners Asia, an association for the pay-TV industry, there were 1.6 million pay TV subscribers in Indonesia in 2010. That is set to reach 4.4 million by 2015, with total industry revenue expected to rise from $200 million in 2010 to $473 million by 2015.
Indonesia is one of the fastest-growing Internet markets in the region, with 40 million users.
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