- Minority stake could be worth $150 million to $200 million
- A deal could be signed as early as the end of this quarter
According to Bloomberg article published on February 10, 2023, CVC Capital Partners has emerged as the leading bidder to buy a minority stake in PT Samator Indo Gas, an Indonesian industrial gas company, people with knowledge of the matter said.
The Harsono family, which owns the majority of Samator Gas, could sign a deal with CVC as soon as the end of the current quarter, said one of the people, who asked not to be identified as the process is private. A deal could value the minority stake at $150 million to $200 million, the people said. The size of the stake could be as much as 30%, one of the people said.
Shares of Samator Gas reversed losses to climb 5.9% on Friday, giving the company a value of about 6.6 trillion rupiah ($438 million). Previously known as PT Aneka Gas Industri, the company is Indonesia’s first and biggest industrial gas firm, its website shows. It changed its name in December, according to a press release.
Deliberations are still ongoing and the Harsono family could decide against a deal, the people said. A spokesperson for CVC declined to comment. A Samator representative and a Harsono family member didn’t immediately respond to Bloomberg News queries.
The Harsono family and its financial adviser reached out to prospective investors on the sale of a stake in Samator Gas last year, Bloomberg News reported in August. The majority of the Harsono family’s stake is held through PT Samator and PT Aneka Mega Energi, which own 40.5% and 25% of the listed entity respectively, according to its 2021 annual report.
Samator Indo Gas produces and sells liquefied and solid gases for industrial use and related services, and provides construction and installation services, according to its website. The company operates 55 plants and more than 106 filling stations across 28 provinces in Indonesia.
CVC has a network of 25 local offices and €137 billion ($147 billion) of assets under management, its website shows. Its investments in Indonesia include Siloam International Hospitals, a private hospital chain, and specialty retailer MAP Aktif Adiperkasa. CVC was part of a group of shareholders who sold Softex Indonesia to Kimberly-Clark Corp. in 2020 for about $1.2 billion.
