Northstar Pacific is signing a share-swap deal with the U.S. private equity firm TPG, Financial Times reports. Under the agreement, the Indonesian buyout group will acquire less than 5 percent in TPG, which will then get a 10 percent to 20 percent interest in Northstar.
Through the deal, Northstar will gain access to TPG’s operational expertise, fundraising machine and the ability to pursue larger corporate prey. Ashish Shastry, TPG’s Singapore partner, will join Northstar and serve as a bridge to TPG. Patrick Walujo and Glenn Sugita, the founders of Northstar, will become senior advisers to TPG.
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