TPG and GIC invest in Indonesian miner
TPG Capital and Singapore sovereign wealth fund GIC has brought a stake in PT Delta Dunia Makmur, Indonesia’s second largest coal mining contractor. The investors bought non-voting shares in Northstar Tambang Persada Ltd, a special purpose vehicle which owns 40% in PT Delta Dunia Makmur , according to a statement filed with the Indonesia Stock Exchange.
Seller for the chunk of shares was reportedly the Widjaya family, which controls conglomerate Sinar Mas Group, and the Bakrie Group. Press reports suggests the deal to be valued at 2.99 trillion rupiah ($331 million).
The deal sees TPG and GIC team up with Northstar Equity Partners, the Indonesia-based TPG affiliate headed by Patrick Walujo, which still holds a stake in the SPV valued at around $300-400 million.
Meanwhile, TPG’s Ashish Shastry told Bloomberg that the Texas headquartered firm will make a LP commitment into Northstar’s third fund, a $500 million vehicle, schedule to launch early next year. The actual investment amount is still being discussed.
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