CVC to buy 15 percent of Indonesian hospital operator Siloam from Lippo, brokerage: Lippo

Indonesian property developer PT Lippo Karawaci Tbk (LPKR.JK), the majority shareholder of PT Siloam International Hospitals Tbk (SILO.JK), said private equity firm CVC Capital Partners Ltd [CVC.UL] will buy 15 percent of the hospital operator for 2.2 trillion rupiah ($166 million).

CVC will buy the stake from Lippo and brokerage Ciptadana, Lippo said in a filing to the Indonesian stock exchange. Most of the proceeds will be used to expand Siloam’s hospitals, it said.

Lippo subsidiary PT Megapratama Karya Persada controlled 60.5 percent of Siloam as of March, Thomson Reuters data showed.

Lippo said it plans to continue being the majority shareholder.

Officials at Ciptadana and CVC could not immediately be reached for comment.