CVC Capital Partners has agreed to invest IDR1.5 trillion (approximately US$114 million) in convertible, unsecured, zero-coupon bonds issued by MAP Aktif Adiperkasa (MAA), a sports and lifestyle retail and manufacturing subsidiary of Mitra Adiperkasa, an Indonesia-based apparel retailer. The agreement provides CVC with the option to convert its investment into a 30 percent equity stake in MAA in the case of an initial public offering (IPO), which could take place as early as 2019. MAA will use the new investment to refinance its existing debt. Closing of the transaction is subject to shareholder and regulatory approval.