Japan’s Sumitomo Corporation has acquired a 17.5% stake in Indonesia’s Bank Tabungan Pensiunan Nasional (BTPN) from American private equity firm TPG Capital for IDR5.93 trillion ($461.8m).
Sumitomo has bought 1.02 billion shares of BTPN at IDR5,800 per share, a 43% premium to the last traded price.
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Sumitomo bought the stake through an affiliate. The deal raises the Japanese firm’s ownership interest in the Indonesian lender to 20%.
Sumitomo, in a statement said, Indonesia is one of the most important markets for the group.
"As part of its long-term approach, Sumitomo Corporation is investing in Indonesia’s financial sector, particularly BTPN, which focuses on the mass market," the statement read.
TPG, which initially acquired 71.6% of BTPN for nearly $195m in 2008, still owns 8.38% in BTPN.
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