TPG, Northstar make another part exit from Indonesia's BTPN

Sumitomo acquired its stake from TPG Nusantara, an investment vehicle set up by TPG and Northstar when they acquired a 71.61% stake in BTPN in 2008 for approximately $200 million; the deal also included Government of Singapore Investment Corporation (GIC) and Noonday Asset Management.

According to a stock exchange filing, TPG Nusantara sold 1.02 billion shares at IDR5,800 apiece - representing a 43% percent premium to the last traded price - to Sumitomo unit Summit Global Capital Management.

The transaction comes a year after Sumitomo Mitsui Banking Corporation (SMBC) - which has a historical link to Sumitomo Corp. - acquired a 40% stake in BTPN for a total consideration of IDR9.12 trillion. TPG Nusantra is now left with an 8.4% stake in the business.

This latest transaction gives Sumitomo Corp. a total 20% stake in the business. In a release, the conglomerate said Indonesia is one of the most important markets for the group which has operated a variety of businesses in the country for more than 60 years.

"As part of its long-term approach, Sumitomo Corporation is investing in Indonesia's financial sector, particularly BTPN, which focuses on mass market," the statement read.

Set up in 1958, BTPN is headquartered in Jakarta, and has branches across 263 towns and cities across the country. According to the company's 2013 annual report, , BTPN grew its assets and loans by 18% and 19%, respectively. By year-end, total assets reached IDR69.7 trillion and total loans IDR46.1 trillion.

For the whole year, the BTPN generated a net profit after tax of INR2.1 trillion, reflecting an annual growth of 8% and an earning per share of IDR365.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Financials
• Buyout
• Exits
• Indonesia
• Financial Services
• TPG Capital
• Northstar Group
• Exit