Oct 24, 2011

Northstar, TPG takeover Multistrada

A consortium of Northstar Pacific Partners and Texas Pacific Group (TPG) has soon completed a takeover of 20% stake or 1.25 billion shares in tire maker PT Multistrada Arah Sarana Tbk (MASA) at Rp565 a share or Rp706.25 billion.
Three executives familiar with the matter said Northstar-TPG has entered into a share sale and purchase agreement with a number of investors such as Pieter Tanuri and Syailendra Capital.
"Northstar-TPG hope to bring up Multistrada's market capitalization to US$2 billion or Rp17.71 trillion within 3-5 years, a 456% jump from last week's position at Rp3.18 trillion," the sources said as quoted by Bisnis Indonesia today.
Referring to the target, Northstar-TPG is estimated to put up MASA to about Rp2,893 per share within 3-5 years.
Co-founder Patrick Walujo at Northstar, former banker at Goldman Sachs, declined to comment. "I can't comment on the deal," he said. Read the remaining stories here.

Disclosure: No position at the stock mentioned above.
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