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Providence, Indosat only bidders for $1 bln Link Net stake-sources

Reuters - UK Focus

JAKARTA/HONG KONG, Sept 2 (Reuters) - Providence Equity Partners (Other OTC: PGPHF - news) and PT Indosat Tbk (Other OTC: PTITF - news) are the only two bidders for a majority stake in Indonesian TV and broadband operator PT Link Net Tbk after the up to $1 billion price tag put off other potential buyers, people familiar with the process said.

Indonesian firms MNC Group and PT XL Axiata Tbk (Other OTC: PTXKY - news) had also put in initial bids, but they have since dropped out, said the people who declined to be identified as the discussions are confidential.

CVC Capital Partners and Indonesian conglomerate Lippo Group's media arm PT First Media Tbk are seeking to raise between $875 million and $1 billion by selling their combined 67.3 percent stake in Link Net, the people added.

Such price would value Link Net at between $1.3 billion and $1.5 billion, compared with its current market value of $1.1 billion.

CVC (Taiwan OTC: 4744.TWO - news) , private equity firm Providence, First Media, XL Axiata and MNC all declined to comment on the deal. Asked about the matter, Indosat Chief Executive Alexander Rusli told Reuters the company was still doing its due diligence. (Reporting by Eveline Danubrata in JAKARTA and Denny Thomas in HONG KONG; Additional reporting by Cindy Silviana; Editing by Miral Fahmy)