Indonesian conglomerate Lippo Group has hired Bank of America's Merrill Lynch to advise on the potential sale of First Media , its cable TV and internet business, sources with direct knowledge of the deal said.
The group is looking to sell the business for $400-500 milion, according to one of the sources who asked not to be named because the deal is not public.
Lippo Group was not available to comment and Merrill declined comment.
Lippo -- which owns property, media and retail assets in Indonesia, Hong Kong and Singapore -- has been restructuring its portfolio through either stake sales or outright sale.
Recently it put Matahari hypermarts' business for sale for $1 billion, The second-round bids for Matahari hypermarts are due later in January, sources told Reuters. Source: Reuters
The group is looking to sell the business for $400-500 milion, according to one of the sources who asked not to be named because the deal is not public.
Lippo Group was not available to comment and Merrill declined comment.
Lippo -- which owns property, media and retail assets in Indonesia, Hong Kong and Singapore -- has been restructuring its portfolio through either stake sales or outright sale.
Recently it put Matahari hypermarts' business for sale for $1 billion, The second-round bids for Matahari hypermarts are due later in January, sources told Reuters. Source: Reuters
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