TPG Capital in $465 Million Partial Sale of Stake in Bank Tabungan Pensiunan Nasional

February 18, 2015

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 (“BTPN”), an Indonesian financial institution, to Sumitomo Corporation. The transaction closed on February 18, 2015. The aggregate consideration for the transaction was approximately $465 million.

TPG Capital originally acquired a stake in BTPN in 2008, and Cleary Gottlieb represented the consortium in its initial investment. Cleary Gottlieb also represented the consortium in its sales of BTPN shares to Sumitomo Mitsui Banking Corporation in 2013 and 2014 for an aggregate consideration of approximately $1.2 billion. BTPN, which was founded in 1958 and was listed on the Jakarta Stock Exchange in 2008, is a financial institution that specializes in funding and lending and is one of Indonesia’s largest banks. BTPN offers accounts in deposits & savings, pension loans, small to medium sized business loans, and other financial products.