CVC invests $269m in First Media

Private equity firm CVC will invest $269m (£164m) in the cable TV and internet business of Indonesia's First Media. First Media, controlled by the Lippo Group, said CVC will get a 49 per cent stake in Link Net, a unit that provides high-speed internet, cable pay TV and data communication services. The deal marks the second investment by CVC in the Lippo Group, one of Indonesia's biggest conglomerates, and in the country as a whole, after its $790m purchase of a department store chain last year. Bankers expect more M&A deals in the consumer and retail sector.