JAKARTA: Vivendi SA, the French conglomerate backed by billionaire Vincent Bollore, is competing with Argyle Street Management to invest in the television operations of Indonesia’s largest media company PT Global Mediacom, sources said.
Vivendi’s broadcasting arm Canal+ is in early talks to spend more than US$400mil buying stakes in two units of Global Mediacom, the sources said.
It has expressed interest in acquiring roughly half of PT MNC Vision Networks, which controls the group’s listed pay-TV arm and its high-speed internet unit.
The companies are part of Indonesian tycoon Hary Tanoesoedibjo’s MNC Group conglomerate, which has partnered with US President Donald Trump’s family business on property developments in the country.
As part of the deal, Canal+ is also negotiating the purchase of about 10% of PT Media Nusantara Citra, which runs the group’s free-to-air TV operations, the people said.
Shares of Global Mediacom jumped as much as 12% in Jakarta trading yesterday, the most intraday in six months. Media Nusantara Citra rose as much as 2.7%, the most intraday in more than three weeks.
Argyle Street, a Hong Kong-based investment firm, has separately expressed interest in buying about 49% of MNC Vision Networks, the people said.
It has proposed first buying 25% of the company from Global Mediacom in a deal valuing the business at about US$550mil, according to the sources. — Bloomberg
Did you find this article insightful?