Private equity firm Carlyle Group and Japanese brewer Suntory are leading a race to buy a 30 percent stake in Indonesian consumer firm GarudaFood worth over $200 million.
Indonesia's Tudung Group is offering its stake in GarudaFood, which sells instant food, peanuts, and other snacks globally. The deal is almost complete and could be done by mid-June, the only problem is the valuation.
After the deal, GarudaFood expected to launch an initial public offering within one or two years to tap public funds. Tudung Group, an investment holding firm controlled by the family of founder Darmo Putro.
Tudung Group was hired Barclays Capital to run the sale. The sale attracted interest from several foreign investors, including private equity firms 3i Group Plc and Unitas Capital, but only Carlyle and Suntory made it to the final bidding.
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