TPG's Indonesian affiliate and PT Bakrie&Brothers will form a venture to control PT Bumi Resources in a deal that will help Bakrie pay debt raised pledging shares of Asia's biggest exporter of power-station coal.
Northstar Equity Partners, the Indonesian affiliate of US buyout firm TPG, will take over US$575 million of Bakrie & Brothers's debt as part of the transaction, Bakrie & Brothers President director Nalinkant Rathod said in Jakarta.
