Freshfields Bruckhaus Deringer has advised CVC Capital Partners (CVC), PT First Media Tbk and PT Link Net Tbk (Link Net) on Link Net’s US$450m re-IPO by way of international private placement.

The offering, which closed on 3 November 2014, is the largest equity offering to come out of Indonesia in 2014 to date.

Prior to the re-IPO, Link Net was listed on the Indonesia Stock Exchange in June 2014 with a small free float. The re-IPO comprised a private placement of more than 30% of the shares in Link Net, resulting in a much increased free float and a market capitalisation in excess of US$1.5bn for Link Net. The re-IPO required the production of a full 144A-compliant offering memorandum.

Link Net is a leading broadband internet and cable TV provider in Indonesia, with a network that covers approximately 1.3 million homes and a subscriber base of approximately 700,000 revenue-generating units.

The Freshfields team was led by partner Stephen Revell, supported by counsel Amy Beckingham.

Stephen said that the deal reiterated the strength of opportunity for private equity firms in Southeast Asia.

Stephen commented: ’Link Net’s re-IPO again demonstrates the successes that leading private equity firms like CVC can achieve in emerging markets and the investor interest in strong, well-managed companies in Indonesia.’

Last year, Freshfields also advised on the re-IPO of Matahari Department Stores on the Indonesia Stock Exchange, in which funds advised by CVC are also invested. That transaction raised US$1.3bn and was the largest offering out of Indonesia in 2013.