TPG, Northstar approached for BTPN stake - report
Japanese banks Mitsubishi UFJ, Mizuho and Sumitomo Mitsui are said to be among potential suitors approaching TPG and Northstar Pacific Partners with a view to acquiring their stake in Indonesia's Bank Tabungan Pensiunan Nasional (BTPN). The PE firms' five-year lock up expires next week.
The private equity firms are expected to make at least a 6x return through either a trade sale or a public market exit. BTPN has a market capitalization of about $2.8 billion. According to the Financial...
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