TPG, the US private equity firm, has withdrawn from a deal in Indonesia between Northstar Pacific, a local affiliate, and the country’s powerful Bakrie family to buy shares in coalminer Bumi Resources, said people familiar with the situation.

The withdrawal was based on uncertainty over the ­economics of the deal after it was transformed from being a straightforward purchase of 35 per cent of Bumi to the formation of a strategic ­partnership, a person with knowledge of the decision said on Monday.