MNC Vision Networks abandons LinkNet takeover

摘要

Indonesian media giant MNC Vision Networks has abandoned its plan to acquire local broadband and cable TV provider LinkNet, backed by PE firm CVC Capital and local-listed company First Media. Local press reports cite a filing to the Indonesia Stock Exchange (IDX) from First Media Corporate Secretary Harianda Noerlan dated 4 May 2020, which disclosed that at 30 April 2020 there was no definitive agreement on a final deal, or agreement on a continuation of the term sheet signed by both sides the previous December. First Media, which is backed by the Indonesian conglomerate Lippo Group, holds 27.90% in LinkNet while CVC Capital indirectly owns 35.55% through Asia Link Dewa.