TPG Capital in $1.2 Billion Partial Sale of Stake in Bank Tabungan Pensiunan Nasional

Cleary Gottlieb represented TPG Capital and a consortium including Northstar Equity Partners in the sale of part of their stake in Bank Tabungan Pensiunan Nasional, an Indonesian financial institution, following the receipt of governmental approval. The transaction closed on March 14, 2014. The aggregate consideration for the transaction, including a stake that the consortium sold in May 2013, was approximately $1.2 billion (based on prevailing exchange rates at the time of the two transactions).

TPG Capital originally acquired a stake in BTPN in 2008, and Cleary represented the consortium in its initial investment and the sale of the first part of its stake, which closed in May 2013. BTPN was founded in 1958 and was listed on the Jakarta Stock Exchange in 2008. BTPN is a financial institution that specializes in funding and lending and is the 7th biggest bank in Indonesia. BTPN offers accounts in deposits & savings, pension loans, small to medium sized business loans, and other financial products.