Firms To Watch: Corporate and M&A

Hutabarat Halim & Rekan is developing its reputation across the gamut of corporate, investment and M&A spheres. Founding partners Pheo Hutabarat and Nini Halim oversee a growing team of specialists.

Firms in the Spotlight Corporate and M&A

Frans Winarta & Partners

FWP’s Corporate and Commercial practice has been rapidly developed over the years and has been gaining excellent reputation by advising its clients from multinational companies, local companies, foreign embassies, etc, with exceptional satisfactory legal services in general corporate matters including: M&A, joint ventures, construction, commercial contracts, investment, restructuring, cross border investments, finance and banking, governmental …

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Corporate and M&A in Indonesia

Ginting & Reksodiputro in association with A&O Shearman

Ginting & Reksodiputro in association with A&O Shearman has a particularly strong offering in relation to high-profile tech-related transactions and M&A concerning banks and other financial institutions, and is highly capable in relation to fintech work in the corporate space. The firm is also noted for its cross-border capabilities, and is able to advise multinational clients in relation to Indonesian, Singaporean, UK, and US law through its association with A&O Shearman. Harun Reksodiputro co-leads the practice, providing a broad offering across transactional and corporate advisory mandates, with a focus of his work being on foreign investors seeking to enter the Indonesian market through direct investment and capital markets. Sugianto Osman is the other co-lead, with expertise which covers private equity, TMT, and finance work. Senior associates Alamanda Daud and Sam Samid are also of note.

Practice head(s):

Harun Reksodiputro; Sugianto Osman

Other key lawyers:

Alamanda Daud; Sam Samid

Key clients

WeLab Sky Limited

International Container Terminal Services, Inc.

General Atlantic

PT XL Axiata Tbk


Bank of Ayudhya PCL

Investcorp Asia Financial Services Pte. Ltd.

PT BNI Sekuritas

Go-Ventures Investments Pte

Work highlights

  • Advised Bank Negara Indonesia on its acquisition of 63.92% in PT Bank Mayora from the Mayora Group and the IFC.
  • Advised General Atlantic on its $130m strategic investment in PT Cisarua Mountain DairyTbk.
  • Advised Bank of Ayudhya PCL on its joints acquisition of PT Home Credit Indonesia with Adira Finance and another local investor.

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie provides a full range of corporate services, covering both transactional and non-transactional support for a number of domestic and international businesses operating in Indonesia, and 'really operates seamlessly as one team for both multi-jurisdictional and local deals'. The group has strengths in handling foreign investment and domestic M&A in a range of sectors that include pharmaceuticals, TMT, and financial services; Mita Djajadiredja heads up this work, leveraging her extensive experience on behalf of a range of clients, including those operating at the intersection of finance and technology. Daniel Pardede is also of note for his work in this space, taking ‘a pragmatic and holistic view‘ on his work in IT and telecoms. Adhika Wiyoso is similarly active in relation to corporate matters in the TMT space. Gerrit Jan Kleute has a track record in assisting multinationals with their cross-border M&A in Europe and Asia. Erwandi Hendarta and Iqbal Darmawan head up the firm’s finance and capital markets practices, respectively.

Practice head(s):

Mita Djajadiredja; Erwandi Hendarta; Iqbal Darmawan

Other key lawyers:

Daniel Pardede; Gerrit Jan Kleute; Adhika Wiyoso


The team is a very responsive and provides an excellent level of service. The team is well resourced and handles transactions confidently. When faced with any obstacles, the team will think outside of the box and provide appropriate solutions.

Mita Djajadiredja is an absolute pleasure to work with. She is very dedicated and handles the transactions personally. She takes initiative when needed and has a strong understanding of our needs and expectations.

‘It really operates seamlessly as one team for both multi-jurisdictional and local deals. Advice and assistance are given holistically so we can understand the quantum with ease and can consider risks and decide on how we want to move forward in deals.’

Key clients


Cigna Corporation

Citigroup Global Markets Asia Limited

CK Hutchison Holdings Limited, PT Hutchison 3 Indonesia

DBS Bank Ltd

Elang Mahkota Teknologi Tbk

Fresenius Kabi AG

Indonesia Investment Authority, Silk Road Fund

KV Asia Capital (Private Equity)

Lazada South East Asia Pte Ltd

Mapfre Internacional

PT Astra International Tbk

PT Bahana Pembinaan Usaha Indonesia

PT Bank Rakyat Indonesia (Persero) Tbk

PT Global Digital Niaga

PT XL Axiata Tbk, Axiata Group Berhad

Standard Chartered Bank


TESS Engineering Co. Ltd.

Warburg Pincus

Work highlights

  • Advised Mapfre Internacional on completing its sale to Singapore-domiciled Aseana Insurance Pte Ltd of the entirety of its holdings in PT Asuransi Bina Dana Arta Tbk.
  • Advised Indonesian Investment Authority and Silk Road Fund on their joint investment in the Indonesia-listed pharmaceutical producer and distributor PT Kimia Farma Tbk.
  • Assisted Cigna Corporation with the sale of PT Asuransi Cigna, an Indonesian insurance company, to Chubb INA Holdings Inc.

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills has the capacity to handle the full range of transactional corporate mandates across a number of sectors; financial services, including banking, insurance, and fintech, is an area of particular expertise for the firm, as is TMT and related infrastructure projects. Through its association with Herbert Smith Freehills, the firm is not only able to enhance its cross-border capabilities, but also draw on the extensive experience of seconded partners David Dawborn, Vik Tang, and Cellia Cognard across M&A, joint ventures, and corporate transactions more generally. Other key names include Sakurayuki, who specialises in telecoms; Stephanie, who focusses on healthcare; Irfan Ghazali, who has an emphasis on TMT; and Abimata Putra Sulistyo, who works primarily in the financial services and industrial sectors. Founding partner Santi Darmawan also continues to be active within the team.

Practice head(s):

David Dawborn; Vik Tang; Sakurayuki; Santi Darmawan

Other key lawyers:

Cellia Cognard; Irfan Ghazali; Abimata Putra Sulistyo; Stephanie


HBT’s practice is unique because of the dedication and hands-on approach of the partners, who are willing to go the extra mile to resolve complex matters for their clients.

I’ve worked extensively with Vik Tang on several M&A transactions in Indonesia. Vik has demonstrated a high level of service, excellence and dedication to his clients, especially in his ability to strike a balance between pushing the legal boundaries and achieving commercial objectives, thus maximising the interests of his client.

HBT’s practice is unique because of its people, and the ability of the partners from different backgrounds and domain expertise to work together to deliver a collective, successful outcome for their clients.

I think that the team really has technical skills and written communication skills. They always provide comprehensive and detailed legal memos. We are always satisfied with their work because it always meets expectations.

Key clients

Indonesia Investment Authority

Warburg Pincus

Inchcape Plc

PT Indosat Tbk

Ant Group

Tokio Marine


Willis Towers Watson



PT Nirvana Wastu Pratama

Work highlights

  • Advised Axiata Group Berhad and PT XL Axiata Tbk on the acquisition of 66.03% equity interest in internet service provider PT Link Net Tbk.
  • Advised Warburg Pincus on its acquisition of PT Asuransi Bina Dana Arta Tbk (ABDA), a listed general insurance company in Indonesia.
  • Advised Silk Road Fund on its investment in Kimia Farma Apotek, an Indonesian pharmaceutical retail business.

SSEK Law Firm

SSEK Law Firm is noted for the way in which it ‘understands the legal regulatory landscape in Indonesia and its implementation in practice‘; the group assists high-profile multinational clients across a range of sectors with their regulatory and transactional mandates. Ira Eddymurthy heads up the work, specialising in M&A and foreign investment across insurance, healthcare, and natural resources. Dewi Savitri Reni is noted for her work with multinational and domestic clients in natural resources and manufacturing, as well as her focus on M&A in the technology space. Foreign counsels Michael Twomey and Michael Carl both also have a focus on mandates relating to natural resources. Fransiscus Rodyanto and Jonathan Streifer complete the roster of key contacts.

Practice head(s):

Ira Eddymurthy

Other key lawyers:

Dewi Savitri Reni; Michael Twomey; Michael Carl; Jonathan Steifer; Fransiscus Rodyanto; Nico Mooduto


SSEK understands the legal regulatory landscape in Indonesia and its implementation in practice, which makes the advice practical and reliable. The team who handle the projects are proactive and able to meet timelines as expected.’

Ira Eddymurthy is attentive and sharp in providing opinions. I really appreciate her efforts in building long-term relationships with her clients.’

‘Dewi Savitri Reni understands the matters at hand and is always willing to provide inputs and opinions on short notice.

Several elements were excellent during our engagement, namely the legal professionals who bring a wealth of experience and understanding of the intricacies of the law, diversity of the team, on point execution timeline, and tailored approach.

Ira Eddymurthy displayed a deep understanding of the law and its nuances – combined with her years of experience, she is positioned in the eyes of her client as a trusted advisor.

We have worked with SSEK on several matters recently and found them to be high quality and responsive.

‘Professional team and ethics; accessible services; great connection with the client; accountable billing.’

Key clients

Grab Holdings Inc.

General Electric




Indosat Ooredoo Hutchison


Lenzing Group


Siam Cement

Work highlights

  • Advised PT Indosat Tbk on a $300m joint venture with its subsidiary PT Aplikanusa Lintasarta and Big Data Exchange to establish a new data centre operation.
  • Acting as Indonesian counsel for General Electric in connection with its global spin-off into three public companies in the aviation, healthcare, and energy sectors.
  • Acted as Indonesian counsel to Hyundai Motor Group and LG Energy Solution as the sponsors in a €1.1bn transaction to establish an electric battery cells manufacturing facility.

ABNR Counsellors at Law

ABNR Counsellors at Law advises a range of domestic and multinational clients on all aspects of M&A transactions, leveraging the firm’s competition capabilities to assist with compliance issues, while also providing a much wider corporate offering. The firm has a particularly strong track record in foreign investment into the Indonesian market, and is well placed to assist both international investors and major Indonesian companies in respect of these transactions. Agus Ahadi Deradjat heads up the team, with a practice that cuts across M&A, FDI, and TMT. He has a deep bench to draw upon, including Emir Nurmansyah, Rita Taufik, Ayik Candrawulan Gunadi, Chandrawati Dewi, Nurdin Adiwibowo, Freddy KaryadiMonic Devina, and foreign counsel Gustaaf Reerink.

Practice head(s):

Agus Ahadi Deradjat

Other key lawyers:

Emir Nurmansyah; Rita Taufik; Ayik Candrawulan Gunadi; Chandrawati Dewi; Nurdin Adiwibowo; Freddy Karyadi; Gustaaf Reerink; Monic Nisa Devina; Adri Dharma; Maher Sasongko

Work highlights

  • Advised Hormel Foods Corporation on its $457m acquisition of a 29% minority stake in PT Garudafood Putra Putri Jaya Tbk from CVC and other shareholders.
  • Advised Australia-based SAI Global Assurance on the Indonesian aspects of its $470m global acquisition by UK-based Intertek Group.
  • Advised Indonesian conglomerate Sinarmas Group on its $250m investment in DANA.

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners combines regional strengths, drawing on the expertise and resources of the Rajah & Tann Asia network, with wide-ranging capabilities in the corporate space, supported by the firm’s competition and tax practices. Eko Basyuni leads the practice, covering the full range of M&A, joint ventures, FDI, and restructurings for clients from a range of sectors. Name partner Ahmad Fikri Assegaf remains an active team member. Other lawyers of note include Tunggul Utomo, Valerie Ngooi Ming Hui, Mita Kartohadiprodjo, Bono Adji, Angelica Maharani, and foreign counsel Carol Lim.

Practice head(s):

Eko Basyuni

Other key lawyers:

Ahmad Fikri Assegaf; Bono Daru Adji; Tunggul Purusa Utomo; Valerie Ngooi Ming Hui; Mita Kartohadiprodjo; Carol Lim; Angelica Ayu Maharani


‘The AHP team is very diversified. They are able to provide solutions across various industries. Further, they are very connected with government authorities bringing unparalleled values to respond to client needs.’

‘AHP lawyers are committed to aggressive deadlines and high demands.’

‘Valerie Ngooi Ming Hui is very effective in drafting legal documents. She makes sure she fully understands the client’s needs which helps her speak in the client’s language when negotiating complex issues with counterparties.’

‘Very knowledgeable. not just identifying issues but also providing solutions. Big fan of Tunggul Purusa Utomo and his team.’

‘Tunggul Purusa Utomo understands the client’s needs and is able to provide solutions. Understands that every project is different. Hardly every uses templated solutions and thus caters individually for clients.’

Key clients

AICE Group

ANSTEEL Group Corporation

Caring Pharmacy Retail Management Sdn. Bhd.

China Communications Construction Group Co., Ltd.

China Development Bank

China Fortune Land Development Co. Ltd.

China Oilfield Service Ltd.

Guangdong Power Engineering Corp.

Growtheum Capital Partners

Haji Financial Management Agency

PT ABM Investama Tbk.

PT Alim Investindo

PT Astra Internasional Tbk.

PT Bank Central Asia Tbk.

PT Tbk.

PT Chandra Asri Petrochemical Tbk.

PT Garuda Indonesia (Persero) Tbk.

PT GoTo Gojek Tokopedia Tbk.

PT Indika Energy Tbk.

PT Kalbe Farma Tbk.

Work highlights

  • Assisted PT and Growtheum Capital Partners with a $70m joint venture agreement to create PT Allo Fresh Indonesia.
  • Assisted PT ABM Investama with its acquisition of 30% of the total shares in PT Golden Energy Mines from GMR Coal Resources.
  • Assisted PT Kalbe Farma with its acquisition of 100% of the shares in PT Aventis Pharma, an Indonesian subsidiary of Sanofi-Aventis Participations.

Makarim & Taira S.

Makarim & Taira S. offers a range of services, with strengths in foreign investment, share and asset acquisitions, M&A more generally, and corporate restructures. The firm deploys its expertise in complementary areas - namely, employment, IP, competition, real estate, and disputes - to provide a well-rounded offering. Foreign legal consultant Hilton King is a key contact, particularly f0r M&A and investment work in the industrial, energy, natural resources, and infrastructure sectors. Rahayu Ningsih Hoed similarly lends her extensive experience to the team, with Stephanie Kandou and Norma Mutalib also being of note for their transactional and franchising expertise, respectively.

Practice head(s):

Rahayu Ningsih Hoed; Hilton King

Other key lawyers:

Stephanie Kandou; Norma Mutalib


Hilton King is a seasoned international lawyer and therefore has a strong appreciation of the needs of multinational clients trying to navigate the complexities of the Indonesian legal landscape. He is well supported by Stephanie Kandou and a number of associates who together provide a wholesome service.

Ability to comprehend the issues that require resolution. Efficient response and able to appreciate the needs of the client.

Key clients

Apis General Partner II LLP

Arthur J. Gallagher & Co.

Ferro Corporation

PT Kreasi Teknologi Makmur

Platinum Equity; an American Private Equity Investment Firm

PT Summitmas Property

Drew & Napier

PT Sumitomo Indonesia

PT Summit Niaga

Arnott’s Biscuits Ltd.

Baker Hughes

Cushman & Wakefield Asia Pacific

Compass Group PLC

PT Freeport Indonesia

BAE Systems Bofors AB

PT Harbison Walker International

Asia United Medical (HK) Ltd.

PT AAPC Indonesia

City Yuwa Partners

DLA Piper

Work highlights

  • Advising PT Sampoerna Investama and PT Bank Sahabat Sampoerna on the acquisition of Bank Sahabat (Sampoerna) by Xendit.
  • Advised Razer Merchant Services on the acquisition of shares in a payment system company in Indonesia.
  • Advised East Ventures (EV Growth) on its investment in PT Ismaya Group Sejahtera and its subsidiaries.

Makes & Partners

Makes & Partners covers a wide range of corporate transactions, acting across high-profile M&A, joint ventures, and investments, with strengths in respect to clients active in the real estate, telecoms, and natural resources spaces. Fransisca heads up the team, working alongside founding partner Yozua Makes, who brings his expertise in corporate matters and transnational mergers to the group. Bernardus Billy is noted for his track record in handling corporate matters for technology and telecoms clients. Senior partner Iwan Setiawan is another name to note.

Practice head(s):

Yozua Makes; Fransisca; Bernardus Billy; Iwan Setiawan


‘The team is very good at communicating the legal aspects to accommodate commercial deals.’

‘Very responsive and always deliver an excellent service.’

Key clients

PT First Media Tbk

Asia Link Dewa Pte. Ltd

PT Anugerah Surya Pacific Resources

PT Samator Indo Gas Tbk

PT Victoria Investama Tbk

PT Sarana Sakti Pratamadaya

PT Fliptech Lentera Inspirasi Pertiwi

Almar Water Solutions B.V

Kohlberg Kravis Roberts & Co. L.P.

PT Lasmana Swasti Prashida

PT Technindo Global Fortace

PT Royal Pacific Nusantara

PT Griyainsani Cakrasadaya

PT Dwiguna Putra Harapan

PT Sinarsurya Harmoni

PT Pakuan Tbk.

Anderson Investments Pte. Ltd.

Penske Truck Leasing Co., Ltd.

Sanctuary City 2 Pte. Ltd.

PT Tatamulia Nusantara Indah

PT Link Net Tbk.

PT Horizon Internusa Persada

PT Agung Podomoro Land Tbk.

PT Lippo Karawaci Tbk.

PT Bundamedik Tbk

PT Surya Semesta Internusa Tbk.

Lippo Malls Indonesia Retail Trust Management Ltd.

PT Plaza Indonesia Realty Tbk.

PT Gajah Tunggal Tbk.

PT Multipolar Tbk.

PT Estika Tata Tiara Tbk.

Citigroup Global Markets Singapore Pte. Ltd.

Work highlights

  • Advised PT Link Net Tbk on the $606m sale of its shares to Axiata, a Malaysian multinational telecoms conglomerate.
  • Advised PT Agung Podomoro Land Tbk on the $350m acquisition of the Central Park Mall by Hankyu Hanshin Properties’ Indonesian subsidiary.
  • Advised PT Anugerah Surya Pacific Resources on the sale of the majority shares in two of its subsidiaries engaged in nickel mining.

Widyawan & Partners

Widyawan & Partners has a strong offering in domestic M&A relating to finance services and digital infrastructure, and leverages its association with Linklaters to advise a number of multinational clients on their complex, cross-jurisdictional corporate mandates. Karen Phang heads up the team with a core practice in M&A, joint ventures, and strategic collaborations, working across financial services, infrastructure, and consumer services. The highly experience Yolanda Hutapea is also active in this area. Other key contacts are the ‘fantastic, commercial and extremely sharpDavid Holme and Teguh Arwiko, who has a ‘comprehensive understanding of complex legal matters and market dynamics ‘. Associate Tengku Almira Adlinisa is also noted.

Practice head(s):

Karen Phang; Yolanda Hutapea

Other key lawyers:

David Holme; Teguh Arwiko; Tengku Almira Adlinisa


The corporate practice group led by Yolanda Hutapea has always put in effort in understanding the needs of clients, especially those who have not originated from Indonesia. The fact that Widyawan & Partners provide suggestions based on our corporate culture makes a difference. We definitely appreciate such valuable thought.

Tengku Almira Adlinisa is a rising star in Widyawan & Partners given her effort in going the extra mile to meet the tight deadlines imposed by clients. Her strong business acumen and creative thinking process allows her to formulate practical solutions in meeting clients’ demands.

Hardworking team that delivers outstanding work. Working with them has made our lives so much easier and we can’t imagine working with any other law firm in Indonesia on corporate and M&A matters.

Key clients


The Hongkong and Shanghai Banking Corporation Limited

Macquarie Asset Management

Altaris Capital Partners

PT Centratama Telekomunikasi Indonesia Tbk

Blackhawk Network


KASIKORNBANK Public Company Limited

Unilever plc

The Carlyle Group

International Finance Corporation


Work highlights

  • Advised Citi on the sale of its six consumer banking franchises in Southeast Asia and EMEA, including Indonesia.
  • Advised HSBC on its 15-year term bancassurance partnership with Allianz SE covering six Asian jurisdictions, including Indonesia.
  • Advised MAM on its acquisition of a significant minority stake in Bersama Digital Infrastructure Asia for $610m.

Hanafiah Ponggawa & Partners – Dentons HPRP

Hanafiah Ponggawa & Partners – Dentons HPRP has established a particularly strong offering in relation to international technology sector clients seeking to establish themselves in the Indonesian market, with capabilities that extend to the full range of regulatory and corporate challenges. Andre Rahadian takes the lead on much of the IT-related work and is otherwise very involved in the aviation industry. Giovanni Mofsol Muhammad has a particular emphasis in her work on government bodies and state-owned companies. Maurice Maulana Situmorang applies his sector specialisms across natural resources, energy, and TMT to his corporate work.

Practice head(s):

Andre Rahadian; Giovanni Muhammad; Maurice Situmorang

Other key lawyers:

Constant Ponggawa; Al Hakim Hanafiah; Hendra Ong; Fabian Pascoal; Fabiola Hutagalung; Erwin Kurnia Winenda; Michael Kaihatu; Nashatra Prita; Winda Tania; Mika Isac Kriyasa


‘A unique approach to providing comprehensive and individualised solutions for us, and they strive to tailor their services to address our unique requirements.’

‘One of the key strengths of this practice is its highly skilled and experienced team. The professionals at this firm have a deep understanding of their respective fields and bring a wide range of expertise to the table.’

‘They are always on the lookout for the latest trends and advancements, that can benefit us. They prioritise open communication and work closely with us to understand our budget constraints and come up with mutually beneficial billing agreements.’

‘The individuals in this practice are truly exceptional and stand out in several significant ways. Their collective expertise, dedication, and unique qualities set them apart from competitors in the industry. The team is highly skilled and knowledgeable in their respective areas of specialisation. Their deep understanding of the law and their specific fields allows them to provide clients with the highest level of guidance and representation. They stay up-to-date with the latest legal developments, ensuring they offer the most relevant advice.’

Key clients

PT Jasa Marga (Persero), Tbk

IMC Industrial Group

ATS Automation Tooling Systems Inc.

PT Sariarthamas Hotel International

Yahoo! Singapore Digital Marketing Pte Ltd

Twitter Inc

PT Moda Integrasi Transportasi Jabodetabek

PT Orbit Ventura Indonesia

Universal Music Group

PT ABB Sakti Industri

PT Aneka Tambang Tbk.

Amazon Web Services


iHerb, LLC

Jetbrains s.r.o.

Intesa Sanpaolo

Asosiasi Fintech Indonesia

Work highlights

  • Assisted PT Jasa Marga (Persero) Tbk with the divestment of 40% of its shares in PT Jasamarga Jalanlayang Cikampek.
  • Advising PT Aneka Tambang on entering into cooperation with CNGR for the purpose of developing an industrial park and nickel smelter facility using Oxygen-Enriched Side-Blown Furnace technology.
  • Assisting PT Moda Integrasi Transportasi Jabodetabek with various projects and advisory for its intended business and transit oriented development areas in DKI Jakarta.

Oentoeng Suria & Partners in association with Ashurst

Oentoeng Suria & Partners in association with Ashurst draws on Ashurst's global footprint to enhance the firm’s cross-border capabilities, which it couples with its own experience in handling technology matters, particularly fintech, from an Indonesian perspective. Ratih Nawangsari has experience in a range of corporate transactions and sectors, namely energy, infrastructure, natural resources, and real estate. She works alongside Dion Alfadya who has a similar breadth to her work, and is noted for her work across telecoms, fintech, healthcare, technology, and downstream oil and gas. Seconded partner Frédéric Draps is also noted.

Practice head(s):

Ratih Nawangsari; Dion Alfadya

Other key lawyers:

Frédéric Draps


The team worked very efficiently to set up a brand new company in a record time of 4 days to get us from deed of establishment to a working bank account. I have set up many companies in Indonesia and this is a record. The team continued to keep up their spirits despite a very long subsequent process to achieve funding.

Ratih Nawangsari took a unique, never-been-done-before situation and enabled a stellar service to be established under difficult circumstances. She was always available and managed the extended delays in finalising funding.’

Dion Alfadya is one of the best, if not the best, corporate transactional lawyers in Indonesia. He is highly commercial and very technically sound.

Key clients

Lunaria Annua Holding Pte Ltd

PT Elang Andalan Nusantara

PT Chandra Asri Petrochemical Tbk

PT Krakatau Steel (Persero), Tbk.

OpenSpace Ventures

PT Alumak Teknologi Indonesia

MDI Ventures

Sequoia Capital

Work highlights

  • Advising PT Chandra Asri Petrochemical Tbk on its acquisition of a 51% and 49% stake in PT Krakatau Daya Listrik and PT Krakatau Tirta Industri, respectively.
  • Advising PT Krakatau Steel (Persero) on its proposed in-kind asset capital contribution to its joint venture company with PT Krakatau Posco.
  • Advising PT Elang Andalan Nusantara, operating through its subsidiaries as DANA, on its latest fundraising round.

Soemadipradja & Taher

Soemadipradja & Taher has wide-ranging capabilities in the corporate and M&A space, and is able to assist both domestic and international clients with their day-to-day corproate matters, as well as advising them on their business-critical, cross-border M&A deals. Emalia Achmadi leads the firm’s work in this space, with a particular specialism in advising clients in the financial services sector. Other key contacts include Denia Isetianti Permata and Avindra Yuliansyah, who made associate partner in January 2023.

Practice head(s):

Emalia Achmadi

Other key lawyers:

Denia Isetianti Permata; Avindra Yuliansyah Taher


The team is highly responsive and business orientated.

Key clients

Coca-Cola Europacific Partners PLC

The Blackstone Group (HK) Ltd

Carousell Pte Ltd.

Oiltanking GmbH

Grupper Mastrotto S.p.A.

Rechtsanwälte Steuerberater PartG mbB

Work highlights

  • Advised Coca-Cola Europacific Partners PLC on structuring issues in relation to the acquisition of an additional shareholding interest in PT Coca-Cola Bottling Indonesia.
  • Advised the Blackstone Group (HK), as its Indonesian counsel, on its acquisition of Interplex Holdings.
  • Advised Carousell on its proposed acquisition of 30% interest in 99 Group.

TnP Law Firm

TnP Law Firm is able to cover the full scope of corporate mandates, and has been particularly active in the sale of telecoms infrastructure and in acquisitions and divestitures in the energy sector, covering both generation and distribution. The team also has a track record in a range of other industries. Rambun Tjajo has extensive experience in handling a range of M&A and other transactional matters as part of his broad practice. Melissa Butarbutar and Ken Prasadtyo similarly lend their wide-ranging strengths to a diverse array of transactions.

Practice head(s):

Rambun Tjajo; Ken Prasadtyo; Melissa Butarbutar


‘Extensive knowledge of regulations combined with practical experience.’

‘Ken Prasadtyo has a very pragmatic approach to legal issues. He is very responsive and actively drives the deal forward.’

Key clients

PT Danareksa (Persero)

PT Bank Niaga Tbk

PT Cemindo Gemilang Tbk

PT Solusi Bangun Indonesia Tbk

PT Bahana Pembinaan Usaha Indonesia (Persero)

PT Pelabuhan Indonesia (Persero)

PT Central Proteinaprima Tbk

PT Dayamitra Telekomunikasi Tbk

PT Permata Agro Persada

PT Tbk

PT Krakatau Sarana Infrastruktur

PT Bumi Resources Tbk

PT Bank Mayora

Work highlights

  • Advising Mayora Group on the acquisition of one of its subsidiaries, PT Bank Mayora, by PT Bank Negara Indonesia Tbk.
  • Advising PT Dayamitra Telekomunikasi Tbk on a major telecoms tower acquisition, with a value of $720m for the transfer of 6000 towers from Telkomsel.
  • Advising the Bakrie family, including PT Bumi Resources Tbk, on the $1.6bn acquisition of Bumi by Salim group.

TNB & Partners in association with Norton Rose Fulbright

TNB & Partners in association with Norton Rose Fulbright in association with Norton Rose Fulbright is active in relation to M&A and other corporate transactions in the natural resources, energy and logistics sectors, and plays a key advisory role to a number of domestic and international companies in the Indonesian market which operate within those industries. Managing partner Kresna Panggabean is active in these sectors, advising on regulatory issues, compliance strategies and general corporate matters, while Benny Bernarto has a greater focus on complex mergers in the technology field.

Practice head(s):

Benny Bernarto; Kresna Panggabean


The team provide extremely efficient, hands-on service. They are always standing by to provide support.

Kresna Panggabean is always watching the communication and is ready to provide high-level support if needed.

Key clients

Sandvik Financial Services Pty Ltd

Mitsubishi Chemical Logistics Corporation

Brenntag Asia Pacific Pte Ltd

PT Paragon Technology Innovation

Accenture Australia Pty Ltd

Enerflex Ltd

Siam Commercial Bank

Scope Global Pty Ltd

Schumberger Group

Work highlights

  • Advised Accenture Australia on the acquisition of two Indonesian entities engaged in branding and marketing services.
  • Advised Enerflex on the Indonesian aspects of the acquisition of all of the outstanding common stock of Exterran in a stock-for-stock transaction.
  • Advised Brenntag Asia Pacific Pte Ltd, as local counsel, on the acquisition of T Aik Moh Chemicals Indonesia and PT Staris Chemicals.

UMBRA – Strategic Legal Solutions

UMBRA – Strategic Legal Solutions has the ability to advise clients in respect of the full sweep of M&A transactions and related restructures, with a strong industry focus on the energy, natural resources and telecoms sectors. Managing partner Pramudya Oktavinanda has acted for governmental, local, and international clients in a number of complex and cross-border corporate transactions, including M&A deals and spin-offs. Senior partner Reggy Firmansyah heads up the firm’s natural resources and specific industries work across the mining, oil and gas, ports, pharmaceuticals, and energy sectors.

Practice head(s):

Pramudya Oktavinanda; Reggy Firmansyah


UMBRA can always respond to every question quickly and accurately and can continue to communicate with the client in a relevant manner.

Pramudya Oktavinanda always provides alternative solutions when faced with a commercial legal problem.

Key clients

Equinix Inc

PT Dayamitra Telekomunikasi

PT Indo Raya Tenaga

PT Kereta Api Indonesia (Persero)

PT Len Industri (Persero)

PT Pelabuhan Indonesia (Persero)

PT PLN Nusantara Power

PT PLN (Persero)

PT Prima Layanan Enjinering

PT Telekomunikasi Seluler

PT Telekomunikasi Indonesia (Persero) Tbk.

Siemens Energy

PT Telkom Data Ekosistem

PT Pembangkitan Jawa Bali Investasi

PT Sigma Cipta Caraka

Work highlights

  • Advising PT Telekomunikasi Indonesia (Telkom) on its proposed spin-off of Indihome’s consumer broadband business to PT Telekomunikasi Selular (Telkomsel).
  • Advised on the spin-off of PT Sigma Cipta Caraka’s data center asset to P Telkom Data Ekosistem.
  • Advising PT TelekomunikasiSelular (Telkomsel) on the sale and leaseback of 6,000 telecoms towers to PT Dayamitra Telekomunikasi Tbk. (Mitratel).

Witara Cakra Advocates (WCA) in exclusive association with White & Case LLP Indonesia

Witara Cakra Advocates (WCA) in exclusive association with White & Case LLP Indonesia combines an ‘efficient team that is accustomed to sophisticated deal structures‘ with particular expertise in assisting finance and private equity clients. Working with a number of other regional firms under the White & Case LLP network, the group has an extensive track record in handling complex, multijurisdictional M&A for multinational clients seeking to invest in SE Asia. Kristo Molina and counsel Rika Rusman are key contacts.

Practice head(s):

Kristo Molina

Other key lawyers:

Rika Rusman


WCA deploys an efficient team that is accustomed to sophisticated deal structures. Given their familiarity with local requirements, their lawyers are able to offer options that help clients in making strategic decisions.’

The individuals we worked with are easy to approach and particularly commercial.

The team collaborates well internally and each team member is kept updated on the latest progress. Good gender diversity within the team and overall strong competence to deliver good work.

Partners and team are equipped by excellent knowledge and have always been helpful to solve the problems beyond the expectation.

‘They always try to provide advice and solutions which can be a win-win solution in the deals handled by them.

Key clients

Zhejiang Huayou Cobalt Co.

CVC Capital Partners

Global Amines Company Pte. Ltd.

PT Tudung Putra Putri Jaya

Work highlights

  • Advised CVC Capital Partners and the relevant shareholders on the sale of shares in PT Garudafood Putra Putri Jaya to Hormel Foods Corporation.
  • Advised China’s Zhejiang Huayou Cobalt on a collaboration agreement with Ford Motor and PT Vale Indonesia Tbk to invest in an acid leaching project.
  • Advised China’s Zhejiang Huayou Cobalt on a tripartite collaboration agreement with global automaker Ford Motor and nickel producer PT Vale Indonesia Tbk to jointly invest in the Pomalaa Block High-Pressure Acid Leaching (HPAL) Project.

Adnan Kelana Haryanto & Hermanto (AKHH)

Adnan Kelana Haryanto & Hermanto (AKHH) specialises in assisting clients with M&A transactions relating to renewable energy and TMT infrastructure, balancing 'international experience and a deep knowledge of the local market norms and practices'. Andy Kelana heads up the team with an expertise in the telecoms and energy sectors that reflects the wider firm, working alongside Helena Adnan, who has a diverse array of capabilities and clients. Erline Herrmann is noted for her ‘great understanding of the client’s commercial objectives‘.

Practice head(s):

Andy Kelana; Helena Adnan

Other key lawyers:

Erline Herrmann


Erline Herrmann shows great understanding of the client’s commercial objectives and has fantastic response times.

‘The team has international experience and a deep knowledge of the local market norms and practices. They are a trusted legal advisor.’

Andy Kelana is the consummate advisor. He has commercial instincts, a great understanding of the laws and the intentions and drivers for policies.’

‘In all they are a great firm. They hire and retain good young people and are the full package when you are working in Indonesia.

Excellent team.

‘Andy Kelana is highly regarded by clients as being one of the premier lawyers in this area. Erline Herrmann is totally committed to clients.

Superb law firm.

Andy Kelana is a brilliant partner.’

Key clients

BDx Asia Data Center Holdings Pte Ltd

PT Merdeka Battery Materials

Sarawak Energy Berhad

Huayou International Mining (Hong Kong) Limited

Tokyo Electric Power Company Holdings, Incorporated

TEPCO Renewable Power, Incorporated

Sri Trang Gloves (Thailand) Public Company Limited

Sri Trang Agro-Industry Public Company Limited

PT Kayan Hydropower Nusantara

Energy Development Corporation

KS Orka Renewables Pte Ltd

PT OTP Geothermal Services Indonesia

Sarawak Energy Berhad

PT Merdeka Copper and Gold Tbk

Provident Capital

PT Saratoga Investama

PT Tower Bersama Infrastructure Tbk

Hoegh LNG

PT Chevron Oil Products Indonesia

PT Kayan Hydropower Nusantara

PT Pertamina Power Indonesia

PT G4S Cash Services

Nova Motors Holdings Pte Ltd

Work highlights

  • Advised BDx on the acquisition of four data centres from PT Indosat, Tbk and PT Aplikanusa Lintasarta.
  • Advised Sarawak Energy Berhad on Adaro’s acquisition of a 50% interest in a subsidiary of Sarawak Energy Berhad.

Roosdiono & Partners (a member firm of the KPMG Law network)

Roosdiono & Partners (a member firm of the KPMG Law network) has a twofold focus; firstly on technology, cutting across fintech, healthcare, and e-commerce, and secondly on international mandates, working for multinational clients on their cross-border matters. Hanim Hamzah leads the team from Singapore, working across the aviation, finance, and natural resources sectors. In Jakarta, Barryl Rolandi and Achimi Athia Anita are the key contacts.

Practice head(s):

Hanim Hamzah

Other key lawyers:

Barryl Rolandi; Achimi Athia Anita

Key clients

Bayer AG

HealthMetrics Sdn Bhd

BlueOrchard Finance Ltd

EV Growth

Sky9 Capital

M31 Navigator Fund LP

Santoso, Martinus & Muliawan Advocates

Santoso, Martinus & Muliawan Advocates draws on practice head Elvino Martinus' expertise in the natural resources, manufacturing, and consumer products sectors to strengthen its reputation for transactional work in these fields. The group is able to assist with mandates for multinationals, investment banks, and local and foreign private equity players. Dual-qualified in New York and Indonesia, Wincen Santoso is also of note, as is William Muliawan for his track record in assisting with market entry. Karin Sungkono is another key contact.

Practice head(s):

Elvino Martinus

Other key lawyers:

Wincen Santoso; William Muliawan; Karin Sungkono


I am impressed with their responsiveness. They deliver their works on time (and even earlier than we expected). I feel protected during the negotiations with counterparties given the firm’s persistence in defending our arguments.’

‘Dependable team, having knowledge of Indonesian law combined with the ability to grasp cross-border M&A transactions. Easy to work with and quick turnaround times.’

‘Wincen Santoso was available to respond to queries from time to time and provided timely advice and guidance throughout the transaction. While his team worked on different aspects, he had full oversight over all the aspects of the transaction.’

Key clients

Hongkong CNGR Zhongtuo New Energy Co. Ltd

PT Anugerah Commuication

PT Hipernet Indodata

PT Tbk

Asiantrust Investama

PT Simpan Raya Teknologi

Mediahuis Ireland Limited

Betterplace Safety Solutions Pte. Ltd.

Storskogen Singapore Pte. Ltd.

Work highlights

  • Advised Hongkong CNGR Zhongtuo New Energy Co. Ltd on its acquisition of PT Debonair Nickle Indonesia and PT Jade Bay Metal Industry.
  • Advised PT Anugerah Communication on the sale of its tower assets to PT Centratama Tbk.
  • Advised PT Hipernet Indodata’s shareholders on their sale of majority stake of PT Hipernet Indodata to PT XL Axiata Tbk.

Walalangi & Partners in association with Nishimura & Asahi

Walalangi & Partners in association with Nishimura & Asahi has particular strength in advising Japanese clients on the full range of their transactional mandates relating to the Indonesian market, with experience working on complex, cross-border M&A, joint ventures, and restructuring. Real estate is a particular sector strength for the team. Founding partner Luky Walalangi leads on much of the key work, capably supported by Miriam Andreta and Hans Adiputra Kurniawan.

Practice head(s):

Luky Walalangi

Other key lawyers:

Miriam Andreta; Hans Adiputra Kurniawan


‘Walalangi & Partners’ lawyers are dedicated and always give us useful advice in a timely manner.’

‘Founding partner Luky Walalangi is a great leader.’

Key clients

AEL Indonesia, PT

Bank of Ayudhya Thailand

Casio Co., Ltd.

Colliers International

Cool Japan Fund


Deel Inc.

Denso Corporation

Dhost Telekomunikasi Nusantara, PT

Diamond Development Indonesia, PT

Digital Payments Holdings, Pte., Ltd.

Essex Bio – Technology Limited

Family Mart Co., Ltd.

Geo Technologies, Inc.

Global AI Innovations Laboratory Co., Ltd. (Gailabo)

Google Inc.

Google Indonesia

GS Yuasa Corporation

Hankyu Hanshin Properties Corp.

Haseko Corporation

Work highlights

  • Advising Mitsubishi UFJ Financial Group on the $641m acquisition of 100% shares of HC Consumer Finance Philippines and 85.0% shares of PT Home Credit Indonesia.
  • Advising PT MC Urban Development Indonesia on its strategic partnership with the Indonesia Investment Authority and the ESR Group to develop $1bn of logistic assets.
  • Advising Mitsubishi Corporation on the development of smart urban facilities through a joint venture and acquisition with Sinar Mas Land.

Azwar Hadisupani Rum & Partners

Azwar Hadisupani Rum & Partners has a strong offering in corporate matters relating to infrastructure and energy projects; Irawady Azwar specialises in such work, as is Abdul Haris Rum, who has extensive knowledge of energy law. Zaka Hadisupani Oemang, whose experience is primarily in disputes, is also noted for his crossover work in this sphere.

Practice head(s):

Irawady Azwar; Abdul Haris Rum; Zaka Hadisupani Oemang


They know infrastructure regulations much better than other law firms in Indonesia. In general M&A transactions, they always catch up and meet the target, even in a very short period and under pressure.

Irawady Azwar always finds solution to our legal problems.’

‘The team is solid and always fully supportive in any corporate cases, they handle their clients very professionally and always stand up on behalf of the client in every way.’

Key clients

PT Aneka Tambang Tbk.

PT Perusahaan Gas Negara Tbk.

PT Waskita Toll Road

PT Astra Tol Nusantara

PT Jasa Marga Persero Tbk

PT Citra Manunggal Konstruksi

PT Egis Internal Indonesia (“Egis”)

PT Jasa Sarana

PT ABM Investama Tbk.

PT Krakatau Tirta Industri

Work highlights

  • Advising PT Aneka Tambang on the development of the electric vehicle battery industry in Indonesia.
  • Advising on the transfer of gas businesses and assets from PT Pertamina (Persero) to PT Perusahaan Gas Negara Tbk.
  • Advising PT Waskita Toll Road on its restructuring by way of the sale of toll road entities.

Bagus Enrico & Partners (BE Partners)

Bagus Enrico & Partners (BE Partners) is active in advising foreign and domestic venture capital players on their activities in the Indonesian tech-based start-up space, but is also well regarded for its expertise in relation to M&A and deal restructuring more generally. Bagus Nur Buwono, Enrico Iskandar and Debu Batara Lubis are the key contacts for this work.

Practice head(s):

Bagus Nur Buwono; Enrico Iskandar

Other key lawyers:

Debu Batara Lubis

Key clients



Honeywell Group


PT Sekarbumi Makmur

BRI Ventures




China Tobacco International HK

AX Venture Capital

Delcoprima Pacific



Hogan Lovells in association with Dewi Negara Fachri & Partners

Hogan Lovells in association with Dewi Negara Fachri & Partners deploys its ‘extensive commercial knowledge of M&A projects‘ for a range of clients seeking assistance with their cross-border corporate transactions. Mochamad Kasmali heads up the practice, and is noted for his expertise in energy and natural resources.

Practice head(s):

Mochamad Kasmali


It is easy and comfortable dealing with the firm. The partners and associates all are friendly and contactable. When discussing with the team, they are all quick to understand the issue and provide good and practical solutions.

Knowledgeable and very responsive. They are friendly and we have good chemistry with them.’

Expertise in the industry.’

Mochamad Kasmali is able to deal with difficult situations, come up with an effective way out and provide solid documents for M&A transactions.’

‘The firm has extensive commercial knowledge of M&A projects. In addition, their practitioners have good communication and engagement with the client, including arranging meetings at short notice.’

Key clients

PT Evans Indonesia

Giift Management Asia Pte Ltd

Work highlights

  • Advised PT Evans Indonesia on the acquisition of majority shares in two palm oil plantation companies through public auction and minority shares through direct sales.
  • Advised Giift, a Singapore-based start-up in the business of providing loyalty program solutions, on its acquisition of PT InTouch Innovate Indonesia, an Indonesian end-to-end loyalty solutions provider.

IABF Law Firm (IABF)

IABF Law Firm (IABF) advises on a range of issues, including both transactional and compliance mandates. Technology, telecoms, financial services, and natural resources, particularly mining and plantations, are sectors of particular expertise for the team. Ivan Baely leads the practice, working alongside other key contacts Almaida Askandar and Robert Hasan.

Practice head(s):

Ivan Baely

Other key lawyers:

Almaida Askandar; Robert Hasan

Key clients

PT Perkebunan Nusantara III (Persero)

PT Dentsu Aegis Network Indonesia

Work highlights

  • Advising PT Perkebunan Nusantara III (Persero) on the optimisation of approximately 125 assets and asset management models.
  • Drafting a legal study and preparing a white book relating to PT Perkebunan Nusantara III (Persero)’s cane sugar subsidiary and its divestment to a strategic investor.
  • Advising PT Dentsu Aegis Network Indonesia, the Indonesian subsidiary of Dentsu AegisNetwork Ltd, on a number of 100% acquisitions.