Trading Markets | Jan 05, 2011 | Press Release
Merrill Lynch, the investment banking arm of Bank of America (NYSE: BAC | PowerRating), has been appointed by Indonesian diversified group Lippo (JAK:LPKR) as advisor on a potential divestment of its cable TV and Internet business First Media (JAK:KBLV), Reuters cited on Wednesday insiders as saying. Lippo wants to raise between USD400m (EUR302m) and USD500m from the sale of First Media, whose current market value is estimated at some USD184m, an unnamed source told Reuters. The Indonesian conglomerate, involved in property, healthcare, media and retail in Indonesia, Hong Kong and Singapore, has been selling stakes and entire assets as part of its restructuring. Neither Lippo nor Merrill Lynch offered any comment to Reuters. First Media had revenues of IDR605bn (USD67.35m/EUR51m) and a net profit of IDR27bn in the first nine month of 2010. Country: Indonesia, Sector: Media Target: PT First Media Tbk Vendor: PT Lippo Karawaci Tbk Deal size in USD: 400m – 500m Type: Divestment Status: Auction
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