Northstar Equity Partners III in Equity Investment in Indonesian Tire Manufacturer

October 27, 2011

Cleary Gottlieb represented Northstar Equity Partners III in its equity investment in PT Multistrada Arahsarana Tbk (MASA), an Indonesian tire manufacturer listed on the Indonesia Stock Exchange. Northstar’s acquisition of approximately 20% of MASA’s share capital was valued at Rp691.56 billion, or approximately US$77.1 million.

The acquisition, which closed on October 27, is the first transaction in which Cleary Gottlieb has acted for Northstar, a leading Indonesian private equity buy-out group. MASA is the second largest independent tire manufacturer in Indonesia and produced 8.1 million tires during the course of 2010, and had revenues of Rp2 trillion and net profit of Rp176 billion for the same period.