Axiata Group Bhd. is considering acquiring a stake in PT Link Net, the Indonesian internet provider backed by CVC Capital Partners, according to people with knowledge of the matter.
Axiata’s listed Indonesian unit PT XL Axiata has started talks with major shareholders of Link Net about a potential deal, the people said, asking not to be identified because the process is private. XL Axiata is working with an adviser as it explores the purchase of about a 40 percent stake, said one of the people.
A stake that size would be worth about $356 million based on Thursday’s closing price. CVC Capital Partners owns 33 percent of Link Net while PT First Media, an arm of the billionaire Riady family’s Lippo Group conglomerate, holds 26 percent, data compiled by Bloomberg show.
Link Net has attracted investor interest as recently as May, when First Media sold a $75 million stake in the Jakarta-based firm in a share placement. The company’s two biggest shareholders sold about 30 percent of Link Net in 2014 through a $454 million offering, the Bloomberg-compiled data show.
Malaysia’s Axiata mulls stake purchase in CVC-backed internet provider Link Net