SINGAPORE (Reuters) – Private equity firm CVC Capital Partner said on Thursday it had acquired a “minority stake” in Indonesian gas company PT Samator Indo Gas from existing shareholders for $155 million.
The deal marks CVC’s eighth investment in Indonesia, the largest economy in Southeast Asia, since 2010, it said in a statement
CVC’s other investments in Indonesia includes Siloam International Hospitals and retailer MAP Aktif Adiperkasa, according to its website.
Following the entry of CVC, Samator Indo Gas seeks to expand further, including constructing a new plant in Kawasan Industri Terpadu Batang in Central Java, the statement added, without disclosing exactly how much stake did CVC acquired.
Samator Indo Gas, formerly known as Aneka Gas Industri, also targets to achieve double-digit net profit margin over the next two to three years.
UBS acted as the exclusive financial adviser on the transaction, CVC said.
Reporting by Yantoultra Ngui; Editing by Rashmi Aich