Clifford Chance has advised private equity giant CVC Capital Partners on its proposed investment in Indonesian retail company Mitra Adiperkasa (MAPI) for an undisclosed amount.
The firm assisted on the international aspects of the proposed investment, with the team comprising private equity partner Tom Lin, senior associate David Ho and associates Denzyl Ang and Wenkai Lyu.
Partners Matthew Truman, global co-head of leveraged finance, and Charlotte Leung, together with associate Ken Li, were also part of the finance team advising on the transaction.
CVC’s proposed investment follows Singapore-based Pacific Universal Investments’ acquisition of a 51% stake in MAPI for IDR11.8 trillion (USD659 million) in May 2026. The transaction triggered a mandatory tender offer for the remaining shares held by minority shareholders, at an offer price of IDR1,550 per share in accordance with regulations.
CVC and Pacific Universal Investments, which have a relationship stretching back more than a decade, will undertake the mandatory tender offer through two investment vehicles – Samudra (Investment) and Ocean Continuum. Both entities are indirectly owned 51% by Pacific Universal Investments and 49% by funds managed or advised by CVC.
Listed on the Indonesia Stock Exchange, MAPI is one of Indonesia’s largest retail groups, operating department store chains in Indonesia, including SOGO and SEIBU. The company also has operations across Southeast Asia.
