Firms To Watch: Corporate and M&A

Hendra Soenardi handles M&A transactions, as well as related acquisition financing and refinancing.
Under the leadership of Ivan Ferdiansyah Baely, IABF Law Firm (IABF) advises emerging companies, financial institutions and investment funds on M&A and commercial matters.
Founded in August 2021, PSHP Law’s corporate offering is led by Avinash Anil Panjabi and advises on M&A, project development, financing and foreign investment transactions in Indonesia.

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

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners is well versed in domestic and cross-border M&A deals and has strong competition and tax practices which it uses for support on transactions. As part of the Singaporean firm Rajah & Tann Singapore LLP’s Asia network, the firm is well positioned to handle regional and international deals and with a dedicated China desk, it capitalises on the strong flow of FDI coming into Indonesia from the country. Eko Basyuni heads the group and is experienced in joint ventures, competitive bids and private sales and disposals of private and publicly listed companies, while co-founder of the firm Ahmad Fikri Assegaf has notable experience in advising venture capital and private equity investors looking to invest in the Indonesian market. Managing partner Bono Daru Adji is also active in the team, as is foreign counsel Carol Lim, who has considerable experience in multijurisdictional transactions.

Practice head(s):

Eko Basyuni

Other key lawyers:

Ahmad Fikri Assegaf; Bono Daru Adji; Mita Kartohadiprodjo; Carol Lim; Valerie Ngoi Ming Hui


‘They have the most resources in terms of lawyers and precedents especially in capital markets.’

‘Bono Daru Adji is a well-connected person and is involved in many transactions.’

Key clients

AICE Group

Ansteel Group

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.

Haji Financial Management Agency

PT Alim Investindo

PT Aplikasi Karya Anak Bangsa (Gojek)

PT Bank Central Asia Tbk

PT Chandra Asri Petrochemical Tbk

PT Garuda Indonesia (Persero) Tbk.

PT Indika Energy Tbk

PT MD Graha Utama

PT Mitra Pinasthika Mustika Tbk.

PT Nirvana Wastu Pratama

PT Provident Agro Tbk.

PT Salam Pacific Indonesia Lines

PT Supreme Energy

PT Teknologi Migo Indonesia

SCG Packaging Public Company Limited

Shiseido Company, Limited

Temasek Capital Management Pte. Ltd.

Toppan Leefung Pte. Ltd

Work highlights

  • Acted as the Indonesian legal counsel to Gojek, Indonesia’s first decacorn, in the merger with PT Tokopedia, one of Indonesian largest and most recognised unicorns.
  • Represented PT MD Graha Utama, as seller and shareholder of PT MD Pictures Tbk. (“MD Picture”), on the sale of MD Pictures’ share to Tencent Holdings, Chinese internet tech giant. Tencet become the minority shareholder of MD Pictures, an Indonesian film production company.
  • Advising PT Alim Investindo and the other selling shareholders in the sale of 28.4% of their shares in PT Bank Maspion Indonesia Tbk to Kasikorn bank Public Company Limited (“Kbank”) from Thailand. In addition, Kbank will also subscribe for new shares issued through a rights issue. This is Kbank’s second investment in Bank Maspion. After the sale andrights issue, Kbank will hold a total of 67.5% of shares in Bank Maspion. Currently, the parties are waiting for the approval of the Indonesian Financial Services Authority (OJK).

Ginting & Reksodiputro in association with Allen & Overy

Ginting & Reksodiputro in association with Allen & Overy has ‘great commercial capabilities on top of great lawyering skills’ and can ‘translate the clients’ needs into suitable legal documents’. With Harun Reksodiputro and Sugianto Osman at the helm, the practice continues to advise on high-profile and high-value M&A, joint ventures, disposals, corporate restructurings, antitrust and governance issues. It provides Singapore, US, and English law advice under one roof and utilises the Allen & Overy international network for support on cross-border deals. Reksodiputro has considerable experience in matters pertaining to FDI in Indonesia and acts for multinational companies and Indonesian conglomerates, while Osman has a strong track record in M&A deals in the private equity, TMT, financial services and technology sectors.

Practice head(s):

Harun Reksodipturo; Sugianto Osman


‘Sugianto Osman is commercially minded, prompt and helpful.’

‘The team has really great commercial capabilities on top of great lawyering skills, so can translate the client’s needs/wish list into suitable legal documents.’

‘Sugianto Osman is very commercial and easy to work with.’

Key clients

PT Indosat Tbk

United Overseas Bank Ltd.

PT Mandiri Sekuritas

Go-Ventures Investment Pte Ltd.


Mitsui & Co Ltd.

Sofina Ventures S.A.

Edgeconnex Europe BV

Work highlights

  • Advised Indosat on its merger with Hutchison 3 Indonesia to create a world-class telco operator in Indonesia’s second largest M&A deal to date.
  • Advised UOB in its purchase of Citi’s consumer retail assets in Southeast Asia, including in Indonesia.
  • Advised PT Mandiri Sekuritas Tbk in relation to the merger of Pelindo I, II, III and IV to create the 8th largest port and container terminal operator in the world.

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

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie offers clients ‘depth and breadth of team, commercial awareness and strong service levels’. In the corporate sphere, it advises on both transactional and non-transactional matters, including M&A, divestitures, financings, joint ventures, reorganisations, spin-offs and strategic alliances. Senior partner Mita Djajadiredja has over 30 years’ experience in corporate work and is active in the e-commerce, e-payment, insurance, logistics, manufacturing, and real estate sectors, while Erwandi Hendarta, also a senior partner, is a name to note for financing transactions. Iqbal Darmawan is recommended for corporate governance, takeover issues and capital markets work and Wimbanu Widyatmoko is also a key practitioner.

Practice head(s):

Mita Djajadiredja; Iqbal Darmawan; Erwandi Hendarta; Wimbanu Widyatmoko

Other key lawyers:

Daniel Pardede; Gerrit Jan Kleute


‘The depth and breadth of the team, commercial awareness and services levels are strong.’

‘HHP Law Firm has a talented team and often understands clients’ unconventional and disruptive business models or features.’

‘HHP Law Firm’s advice is commercially pragmatic and at the same time, ensures peace of mind for clients.’

‘Daniel Pardede has extensive experience in M&A and joint ventures, and is commercially pragmatic with his regulatory advice and approach.’

‘The team’s responsiveness to our requests are commendable.’

‘The individuals working for the team are responsive to our requests.’

‘Good services to client and very easy to work with.’

‘Mita Djajadiredja is an exceptional lawyer and very good advisor from a business transaction point of view.’

Key clients

CK Hutchison Holdings Limited, PT Hutchison 3 Indonesia

Elang Mahkota Teknologi Tbk

KV Asia Capital (Private Equity)


PT Astra International Tbk

Warburg Pincus



PT XL Axiata

PT Global Digital Niaga

Work highlights

  • Represented CK Hutchison Holdings Limited (“CKHH”) and PT Hutchison 3 Indonesia (“H3I”), as Indonesia counsel, in relation to the Merger between PT Indosat Tbk. (“Indosat”) and H3I.
  • Represented a prominent media and digital conglomerate, Elang Mahkota Teknologi Tbk (through its direct subsidiary, Elang Media Visitama) (“EMTEK”) in its acquisition of 93% shares of Bank Fama International (“Bank Fama”) for around $65m.
  • Advised KV Asia Capital Pte. Ltd. (“KV Asia”), a private equity firm focussed on quality mid-sized companies across Southeast Asia, on its purchase of a 25% issued share capital of PT Victoria Indonesia Tbk. (“Victoria Care”), a publicly listed Indonesian company that manufactures beauty and personal care products, from PT Sukses Sejati Sejahtera (“Seller”).

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills

The corporate team at Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills is well known in the market for handling high-profile and high-value cross-border M&A. Its transactional offering encompasses expertise in regulatory, joint ventures, acquisitions and disposals and financing, and the team has considerable experience in the telecoms, TMT, consumer products, manufacturing and energy and infrastructure sectors. The practice is headed by Santi Darmawan, David Dawborn, Vik Tang and Sakurayuki; Dawborn is recommended for M&A, capital markets, finance and projects matters; Tang handles cross-border transactions and private equity matters; and Sakurayuki is a name to note for investment and competition work. The team recently saw a number of changes, with Abimata Putra Sulistyo joining from Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie in March 2022 and Irfan Ghazali joining from an in-house role at Sarana Menara Nusantara in May of the same year. Iril Hiswara retired and Teguh Arwiko left for Widyawan & Partners.

Practice head(s):

Santi Darmawan; David Dawborn; Vik Tang; Sakurayuki

Other key lawyers:

Cellia Cognard; Abimata Putra Sulistyo; Irfan Ghazali


‘The HBT team’s strengths were reliability, addressing the issue with solid advice and flexibility with timelines.’

‘Cellia Cognard is a determined individual with strong background and solid advice, she always put in the effort to understand the client’s need.’

‘Cellia Cognard is friendly and translates the legal terms into language that clients understand.’

‘Sakurayuki is friendly and always understands what the client needs.’

‘The team’s understanding and capabilities on complex legal matters, as well the support to our internal team is why we have chosen the team for our very critical project, for two consecutive times.’

‘They understand Indonesian state-owned entity dynamics, which sometimes is very challenging, and can provide a really good advice for us to deal with.’

‘The team has always met their promise to deliver their deliverables on time, with maintained quality. The team also has a good understanding on commercial terms (including digital), which is really helpful for us.’

‘Sakurayuki has provided an exceptional service, with careful client consultation and the right outcome for us as the client.’

Key clients


Ant Group




Grab Holdings


KB Kookmin Bank


Morgan Stanley

Northstar Group

Sinar Mas Group

Telkom Group


Warburg Pincus

Willis Towers Watson

Work highlights

  • Advised several key investors on the Tokopedia/GoJek merger to form the GoTo Group and on GoTo Group’s $1.3bn pre-IPO fundraising, and advised the underwriters on the GoTo IPO in April 2022.
  • Advised The Carlyle Group and Southern Capital Group on the $1.17bn sale of their 94% stake in telecom tower company Solusi Tunas Pratama Tbk to Protelindo, in the largest telco deal in Indonesia in 2021.
  • Advised Inchcape Motors on its strategic investment with PT Indomobil Jasa Lintas Raya, one of Indonesia’s leading integrated business groups – in its first joint venture in Indonesia.

Makarim & Taira S.

Makarim & Taira S. has a strong track record in the corporate arena and advises clients on share and asset acquisitions, M&A, joint ventures and restructurings. The team is jointly led by Rahayu Ningsih Hoed and Hilton King, with Ningsih recommended for M&A transactions, arbitration, employment, and project financing, and King focusing on investments and transactions, with particular experience in the energy, minerals and infrastructure sectors. Stephanie Kandou and Norma Mutalib were promoted to partner in February 2022.

Practice head(s):

Rahayu Ningsih Hoed; Hilton King

Other key lawyers:

Lia Alizia; Vincent Ariesta Lie; Maria Sagrado; Stephanie Kandou; Norma Mutalib


‘I have worked with Hilton King of M&T for nearly two decades. He is one of the few I would trust with major projects in Indonesia.’

‘Hilton will reduce the complexities and apparent inconsistencies of Indonesian law to clear, practical advice born of long experience straddling Indonesian and common law legal systems.’

‘I have worked with Rahayu Ningsih Hoed on land acquisition transactions and she provided valuable insights (both legal and practical/commercial) on the various possible alternatives.’

‘The team is reliable and responsive. In terms of billing, the team is flexible and willing to consider alternative fee arrangements in order to keep the clients satisfied.’

‘Vincent Lie is always available and gives clear advice in areas where the answers may not be clear cut. Vincent is also experienced in M&A for various sectors which is always helpful.’

‘The Makarim corporate and M&A team is very professional and responsive.’

‘The team at Makarim has a deep understanding of Indonesian law.’

‘The firm is excellent at cross-cultural interpretation to help clients navigate successfully in unfamiliar waters.’

Key clients

Apis General Partner II LLP

Arthur J. Gallagher & Co.

Ferro Corporation

PT Kreasi Teknologi Makmur

Platinum Equity

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 (Accor Asia Pacific)

City-Yuwa Partners

DLA Piper

Drew & Napier

Addleshaw Goddard LLP

CAC Nantong Chemical Co. Ltd.

Kobayashi Pharmaceutical Co., Ltd.

PT Exterran Indonesia

Famsun Co., Ltd.


PT Frisian Flag Indonesia

Drew & Napier

PT Tigaraksa Satria, Tbk

Azelis Group

Platinum Equity

HBO Asia

Kimberly-Clark Corporation, PT Softex Indonesia

PT Valspar Indonesia

PT KBR Indonesia

Work highlights

  • Advised Ferro Corporation on the acquisition of 2 of Ferro Corporation companies in Indonesia by Pigments Spain, S.L., a company in the Esmalglass-Itaca-Fritta group, which is a portfolio company of Lone Star Funds for $460m in cash.
  • Assisted Arthur J. Gallagher & Co. (AJG), a global insurance brokerage and risk management firm, on its acquisition of the treaty reinsurance brokerage operations of Willis Towers Watson for $3.25bn, which has included an asset acquisition (business transfer) of the reinsurance brokerage operations of WTW’s affiliate, PT Willis Reinsurance Brokers Indonesia.
  • Acted as the local counsel of Eastbridge Partners Co., Ltd. on acquiring (through a private equity firm) a minority stake in an automobile sharing company, SOCAR Mobility Malaysia Sdn. Bhd., established and operating in Malaysia (Socar).

SSEK Law Firm

Independent Indonesian firm SSEK Law Firm often acts as local counsel to large international firms on cross-border M&A, and has considerable experience of large multibillion dollar deals. It also acts for multinationals and large Indonesian companies on transactions, joint ventures, private equity and regulatory matters. The team is jointly led by Rusmaini Lenggogeni and Ira Eddymurthy, with Eddymurthy offering a wealth of experience in M&A and foreign investment, with a focus on the insurance and healthcare sectors. Michael Carl is active in the natural resources and tech sectors, while senior foreign legal counsel Michael Twomey handles deals in the energy, power and oil and gas industries. Former practice co-head Fahrul Yusuf left for EY Law in January 2022.

Practice head(s):

Ira Eddymurthy; Rusmaini Lenggogeni

Other key lawyers:

Dewi Savitri Reni; Michael Twomey; Michael Carl


‘Well-trained associates with experienced partners make their team standout compared to other law firms in a sense of delivery speed/quality of work.’

Key clients

Grab Holdings Inc.

Restaurant Brands Asia Limited


POSCO International Corporation



General Electric

Bank Index

Princeton Digital Group


Work highlights

  • Acted as Indonesian counsel for Singapore and Indonesia-headquartered Grab Holdings Inc. in connection with its listing on NASDAQ through a merger with a Special Purpose Acquisition Company, Altimeter Growth Corp.
  • Advised PT Indosat Tbk on the establishment of a data center joint venture with Indosat subsidiary PT Aplikanusa Lintasarta and BDx Asia Data Center Holdings Pte. Ltd.
  • Assisted Restaurant Brands Asia Limited, a listed Indian company that operates major F&B brands, as Indonesian counsel in the acquisition of a controlling stake in PT Sari Burger Indonesia, the franchisee of Burger King in Indonesia.

ABNR Counsellors at Law

ABNR Counsellors at Law acts for domestic and international clients, including multinational corporations, investment and private equity funds, venture capitalists, strategic investors and vulture funds on the full range of M&A issues. Key areas of focus include compliance, due diligence on deals, tax and financial matters. The firm has a strong antitrust and competition practice which it utilises to provide ancillary expertise on transactional matters. Head of practice Agus Ahadi Deradjat   is experienced in the life sciences, technology, telecoms, e-commerce and automotive sectors and has recently been handling a number of foreign direct investment (FDI) transactions. Emir Nurmansayah is a key practitioner, experienced in M&A and FDI, and often assists the firm’s projects and energy clients on the corporate aspects of their operations.

Practice head(s):

Agus Ahadi Deradjat

Other key lawyers:

Emir Nurmansyah; Giffy Pardede; Rita Taufik


‘ABNR has looked after our corporate accounts for more than 30 years. We are extremely satisfied with their professionalism and responsiveness and the quality of their opinions.’

‘They have performed legal due diligence on behalf of us, so that we can mitigate potential risks.’

‘With ABNR’s assistance, we’ve smoothly completed the acquisition within 6 months and fulfilled all of the requirements both in Indonesia and HK.’

‘The ABNR team leader for our transaction is Agus Ahadi Deradjat, who has lead the team effectively, and has responded our inquiries timely and patiently.’

‘What makes this practice unique is the level of complexity being faced from the perspective of applicable laws and regulations which required a high level of knowledge and skills to solve any problems and provide legal opinions for the required solution.’

‘Their main ability is to provide solutions to a very complex situation with less clear law without putting the client on a risk of violation.’

‘The innovation that we really feel is the strong collaboration and engagement.’

‘Overall, I would wholeheartedly recommend the team, and would gladly work with them again.’

Makes & Partners

Makes & Partners is an independent Indonesian law firm with a broad array of corporate expertise, encompassing corporate finance, M&A, and commercial knowhow. It acts for a wide range of clients from family run businesses to multinational corporations and has strong relationships with regulatory authorities, which is useful when dealing with merger control issues. The team is led by Yozua Makes, who has over 35 years’ experience in corporate law, Fransisca S.H. and Bernardus Billy. Francisca is recommended for cross-border transactions and financings, while Billy is well versed in M&A, and also handles capital markets work for domestic and international clients.

Practice head(s):

Yozua Makes; Bernardus Billy; Fransisca S.H.


‘They are one of the best in capital markets transactions’.

‘Think out of box and protected us, as their client, without jeopardising the transaction.’

Key clients

PT Pembangunan Jaya

PT Mandiri Cipta Gemilang

PT Jakarta Propertindo

PT Aldmic Technology Indonesia

PT Surya Semesta Internusa Tbk.

PT Horizon Internusa Persada

PT Tiga Pilar Sejahtera Food Tbk.

Kholberg, Kravis and Roberts Group

Temasek Capital Management Pte. Ltd

De Heus Indonesia – PT Universal Agri Bisnisindo

PT Agung Podomoro Land Tbk.

PT Lippo Karawaci Tbk.

PT Bundamedik

PT Pembangunan Jaya

PT Surya Semesta Internusa Tbk.

Work highlights

  • Advised PT Profesional Telekomunikasi Indonesia on the mega acquisition of 94% shares in PT Solusi Tunas Pratama Tbk the largest independent tower company in Indonesia, in the amount equivalent to $1.1bn.
  • Assisting First Media and Asia Link Dewa, as the two largest shareholders of PT Link Net Tbk (one of Indonesia’s biggest cable TV operators and fixed broadband internet provider), for the sale of its shares to Axiata, a Malaysian multinational telecommunications conglomerate, for about $606m.
  • Advised PT Mandiri Cipta Gemilang in its sale of a majority portion of its strata titles with a total area of 175 thousand m2 within Lippo Mall Puri, a flagship shopping mall located in Jakarta to PT Puri Bintang Terang as Purchaser in the total deal value of $247.4m.

Widyawan & Partners

Widyawan & Partners has a formal association with Linklaters, allowing the team to handle complex cross-border transactional work with ease. Key strengths of the practice include M&A transactions and joint ventures, and the firm’s client roster is made up of advising corporates, and private equity and sovereign wealth funds. The team, which is led by Yolanda Hutapea and Singapore-based Karen Phang, leans on the support from its finance, telecoms and regulatory departments for assistance with corporate work. Hutapea is a well known corporate practitioner with experience in the financial services, consumer, retail, TMT, and oil and gas sectors, while Phang has a wealth of experience in transactional matters. Teguh Arwiko joined from Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills in May 2022.

Practice head(s):

Karen Phang; Yolanda Hutapea

Other key lawyers:

David Holme; Tengku Almira Adlinisa; Teguh Arwiko


‘The team are top of their class in Indonesia for advising on M&A transactions, and have a solid understanding of the Indonesian insurance sector.’

‘They provide very timely client updates on recent changes to laws and regulations that are relevant to us and have been great to work with.’

‘We have worked very closely with both Karen Phang and highly recommend her.’

‘The W&P team have extensive experience and provide top-quality advice on all our Indonesia-related matters, and are also able to help provide practical advice and recommendations to various issues that we face in the market.’

Key clients

EdgePoint Infrastructure



MDI Ventures

UOB Venture

DP World

Affinity Equity Partners

Chubb Limited

PT Nestle Indonesia

Macquarie Asset Management

Work highlights

  • Advising Citibank Indonesia on the sale of its consumer banking business in Indonesia to UOB Indonesia.
  • Advising Macquarie Asset Management via Macquarie Asia-Pacific Infrastructure Fund 3, as part of a consortium comprising Provident Capital and PT Saratoga Investama Sedaya Tbk., on its acquisition of a significant minority stake in Bersama Digital Infrastructure Asia Pte. Ltd for c.$610m.
  • Advising EdgePoint Infrastructure, a DigitalBridge-backed platform, on its acquisition and takeover of PT Centratama Telekomunikasi Indonesia Tbk (“CENT”). CENT is one of Indonesia’s leading telecommunications infrastructure solution and services providers.

Hanafiah Ponggawa & Partners – Dentons HPRP

Hanafiah Ponggawa & Partners – Dentons HPRP is active in the banking, telecoms, transportation, plantation, manufacturing and retail sectors, with a focus on transactional corporate work and regulatory matters. As part of the Dentons’ network, the firm is well-placed to handle cross-border M&A deals and acts for a range of domestic and international clients. Key practitioners include Hendra Ong, who assists clients with investment plans, and Giovanni Mofsol Muhammad, who handles FDI, joint ventures and restructurings.

Practice head(s):

Constant Ponggawa; Al Hakim Hanafiah; Fabian Pascoal; Andre Rahadian; Sartono; Giovanni Muhammad; Hendra Ong; Chadri Jurnalis; Fabiola Hutagalung; Linna Simamora; Erwin Kurnia Winenda; Danny Bonar Sinaga; Maurice Situmorang; Michael Kaihatu; Nashatra Prita; Timothy Inkiriwang; Winda Tania

Key clients

PT Bahari Perdana Persada

PT Kereta Api Indonesia (Persero)

PT Mersifarma Tirmaku Mercusana

Under Armour

Clase Azul Asia Co Ltd.

Graade Consulting Limited

Swire Shipping Pte. Ltd.

KLK Berhad

Absolutely Digital Limited

PT Jasa Marga (Persero) Tbk

PT Bank Fama International (“Fama”)

PT Toyota Motor Manufacturing Indonesia (“TMMIN”)

PT Telkom Indonesia (Persero) Tbk

Legend Capital

PT Sari Murni Abadi (“PT SMA”)

PT Taspen (Persero) (“Taspen”)

PT Pertamina Patra Niaga (“PPN”)

PT Rajawali Nusantara Indonesia (Persero) PT Berdikari

ATS Automation Tooling System

PT Integra Padma Mandiri (“PT IPM”)

Work highlights

  • Assisted on the acquisition of SOE shares worth approx. $18.2m by conglomerate PT Jasa Marga (Persero) Tbk.
  • Representing international sportswear brand Under Armour.
  • Advised PT Bank Fama International on a share sale valued at around $128m.

Oentoeng Suria & Partners in association with Ashurst

Oentoeng Suria & Partners in association with Ashurst is ‘highly responsive’ and due to its association with international firm Ashurst LLP, is well placed to handle cross-border corporate matters. It acts for domestic and international corporations and state-owned enterprises on a range of M&A and investment matters, and is particularly experienced in the energy and natural resources sectors. Ratih Nawangsari and Dion Alfadya head the team, with Nawangsari advising on foreign investments, financings and capital market transactions, while Alfadya is recommended for corporate transactions, investments, private equity and venture capital matters.

Practice head(s):

Ratih Nawangsari; Dion Alfadya

Other key lawyers:

Frédéric Draps


‘OSP has been a good firm for us to use. We work on mid-market M&A and PE investing matters. The team that I worked with is headed by Ratih Nawangsari. I have known her for 20 years and seen her develop into a knowledgeable and very helpful lawyer. She’s been perfect for our needs.’

‘I’ve worked frequently and extensively with Ratih Nawangsari. She’s terrific. She is highly knowledgeable, efficient, responsive, delivers highly commercial and practical advise as well as good value for money. She’s always willing to go the extra mile for us.’

‘Dion Alfadya and his team are standout corporate, M&A and regulatory lawyers.’

‘They are strong in cross-border M&A transaction documentation and payments regulatory advisory issues.’

‘They are highly responsive and provide clear legal advice.’

‘High partner involvement from Dion Alfadya supported by his strong team of high performing associates. Dion and his team provide commercial-minded, thorough and clear advice.’

Key clients

Lunaria Annua Holding Pte Ltd

H.R.L. Morrison & Co Limited

Southeast Asia Clean Energy Facility (“SEACEF”)

The Chugoku Electric Power Co., Inc.

Toll Group

PT Indonesia Asahan Aluminium (Persero)

Petrochemical Industries Company K.S.C


A.S. Watsons

Mubadala Petroleum

Work highlights

  • Advised Lunaria Annua Holding Pte Ltd (operating in Indonesia as KoinWorks) on its $108m Series C fundraising round.
  • Advised Morrison & Co as investment/asset manager for Infratil on the establishment of a renewable energy platform in the Asia Pacific region.
  • Advised SEACEF on investments in Oyika and Synergy Energy Solutions (SES).

Soemadipradja & Taher

Soemadipradja & Taher advises domestic and international clients on regulatory, M&A, foreign investment and private equity matters; it is particularly well versed in handling due diligence exercises on transactions and is well placed to handle cross-border work by virtue of its association with Singaporean firm Allen & Gledhill LLP. Rahmat Soemadipradja is recommended for licensing and regulatory matters and is experienced in the energy, natural resources, infrastructure and manufacturing sectors; other key practitioners include Retno Muljosantoso, Emalia Achmadi, Denia Isetianti Permata, Oene Marseille and Robert Reid.

Practice head(s):

Rahmat Soemadipradja; Retno Muljosantoso; Emalia Achmadi; Denia Isetianti Permata; Oene Marseille; Robert Reid

Key clients

Byggfakta Group

Square Peg Capital and Susquehanna International Group

Softbank Ventures Asia Corp

Work highlights

  • Advised Byggfakta Group on a due diligence exercise involving one of its subsidiaries.
  • Assisted Square Peg Capital and Susquehanna International Group with regards to the Series B investment in Pluang, a wealth-tech start up, by conducting a red-flag review of the five Indonesian entities as well as reviewing the transaction documents such as the convertible notes subscription agreement for compliance with Indonesian laws.
  • Advised Softbank Ventures Asia Corp on a due diligence exercise pertaining to its Indonesian subsidiaries.

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

The team at Witara Cakra Advocates (WCA) in exclusive association with White & Case LLP Indonesia is ‘knowledgeable and always provides constructive solutions’. Kristo Molina is the sole partner in the team and often works closely with departments at White & Case in other jurisdictions to handle cross-border M&A and FDI. Molina has over 20 years’ experience in corporate and capital markets transactions, and is supported by counsel Rika Rusman, who advises acquisitions, joint ventures and general advisory matters.

Practice head(s):

Kristo Molina

Other key lawyers:

Rika Rusman


‘The team showed good and solid collaboration, not only among them but with us as a client as well. They gave 24-hour support during their tenure.’

‘Rika Rusman and her team delivered thorough knowledge and best practice available for our corporate action. They always described the practical meaning for each of the important clauses.’

‘The team members are very committed and supportive in handling the project, and full of constructive ideas to bridge and negotiate terms and conditions in M&A projects.’

‘The individuals are knowledgeable and always provide constructive solutions in every M&A projects that we worked together on.’

Key clients

Ooredoo QPSC

Victory Park Capital Advisors, LLC

Receivers in the bankruptcy of CG Power System Belgium N.V.

Baring Private Equity Asia (BPEA)

Work highlights

  • Advised Ooredoo Group on the $6bn merger of PT Indosat Tbk (Indosat Ooredoo), an Indonesian subsidiary of Ooredoo Group, with PT Hutchison 3 Indonesia (H3I), an Indonesian subsidiary of CK Hutchison.
  • Advising Victory Park Advisors, LLC and its special purpose acquisition company VPC Impact Acquisition Holdings II, on its de-SPAC business combination with FinAccel Pte. Ltd., a fintech company providing instant credit financing and personal loan services to consumers under the Kredivo and KrediFazz platforms in Indonesia.
  • Advised the receivers in the bankruptcy of CG Power System Belgium N.V., a global engineering company in connection with the auction sale of its 95% stake in its subsidiary, PT CG Power Systems Indonesia.

Adnan Kelana Haryanto & Hermanto (AKHH)

The corporate team at Adnan Kelana Haryanto & Hermanto (AKHH) ‘thinks out of the box to find solutions and is quick in responding to challenges thrown at them’. Led by Andy Kelana and Helena Adnan, the practice advises on corporate M&A work, with a focus on the energy and natural resources, and TMT sectors. Kelana is well versed in corporate transactions, while Adnan handles corporate, commercial, and finance matters.

Practice head(s):

Andy Kelana; Helena Adnan

Other key lawyers:

Erline Herrmann


‘Andy Kelana is as solid a corporate lawyer as I have ever worked with. Good drafting and advice with commercial understanding.’

‘The team is strong with a number of associates there for several years. They run a very good firm.’

‘I have worked with Andy Kelana since 1998 and have never been disappointed. He is a top-quality adviser and knows how to run his team.’

‘They know their stuff and are efficient and are cost-effective.’

‘For local law support in Indonesia, AKHH is one of the firms I regularly reach out to. In the last year, I have worked with AKHH on several large financing transactions for Indonesian corporates. They are excellent for financings as well as M&A transactions.’

‘I have worked with Erline Herrmann for over a decade. She was recently promoted to partner. She is technically excellent, smart and pragmatic; ensuring that clients always have a solution. She is also reliable, prompt and has a good eye for details.’

‘The M&A team, led by Andy Kelana, has been instrumental in getting deals across the line for us. His intimate knowledge of regulatory requirements allow for a deal to be structured in either the most aggressive or conservative terms, depending on the nature of the transaction.’

‘The team thinks out of the box to find solutions and is quick in responding to challenges thrown at them.’

Key clients

Tokyo Electric Power Company Holdings, Incorporated

TEPCO Renewable Power, Incorporated

Dagang Net Technologies Sdn Bhd

PT Dagang Samudera Hutama

PT Dnex Telco Indonesia

PT Dagang Net Indonesia

Sri Trang Gloves (Thailand) Public Company Limited

Sri Trang Agro-Industry Public Company Limited

PT Star Rubber

PT Sri Trang Lingga Indonesia

Puncak Selasih Sdn Bhd

SGL Plantations Holding Limited

PT Abdi Borneo Plantations

PT Tunas Borneo Plantations

PT Inti Agro Makmur

PT Hamparan Sinar Nusantara

PT Wahana Auto Ekamarga

Nova Motors Holdings Pte Ltd

Wearnes Automotive & Equipment Pte Ltd

PT Wearnes Premium Era

PT Mega Sentra Mekanikal

PT American Express Indonesia

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

Ruric AB

KVC Electrical Supplies Indonesia Sdn Bhd

Schaefer Kalk (Malaysia) Sdn. Bhd.

PT Dua Kuda Indonesia

PT Aura Esport Indonesia

PT Pertamina Power Indonesia

PT G4S Cash Services

Work highlights

  • Advised Mitsui & Co., Ltd. on the sale of its interest in PT Paiton Energy and its subsidiary, PT Paiton Operation & Maintenance Indonesia
  • Advised PT Merdeka Copper Gold Tbk on its acquisition of shares held by PT J Resources Nusantara in PT Gorontalo Sejahtera Mining
  • Advised TEPCO Renewable Power and Tokyo Electric Power Company Holdings, Inc. in the acquisition of a significant number of issued shares in PT Kencana Energi Lestari Tbk.

Tjajo & Partners

Tjajo & Partners primarily acts for domestic clients on corporate and commercial matters, including M&A, regulatory, compliance, restructurings, FDI and joint ventures. Founding partner Rambun Tjajo and managing partner Melissa Butarbutar jointly head the practice, with Tjajo bringing over 38 years’ experience in corporate work to the team, and Butarbutar handling domestic and cross-border corporate transactions. Ken Prasadtyo joined from Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie in January 2022.

Practice head(s):

Rambun Tjajo; Melissa Butarbutar

Other key lawyers:

Brahmantyo Jatiwidianto; Ken Prasadtyo


‘The team consists of partners, senior associates, and associates that are highly skilled in this sector.’

‘They are able to assist, provide recommendations and solve issues in a timely manner.’

‘We have worked with the team for couple of transactions and they are developing their knowledge.’

Key clients

PT Pelabuhan Indonesia (Persero)

PT Bahana Pembinaan Usaha Indonesia (Persero)

PT Solusi Bangun Indonesia Tbk

PT Cemindo Gemilang Tbk

Alpha JWC Ventures

PT Adaro Energy Tbk

PT Central Proteinaprima Tbk

PT Bank Royal Indonesia

PT Pelindo Terminal Petikemas

PT Dayamitra Telekomunikasi Tbk (Mitratel)

PT Grab Teknologi Indonesia

PT Perusahaan Pengelola Aset (Persero) (National Asset Management Company)

PT Semen Indonesia (Persero) Tbk

PT Danareksa (Persero

PT Mayora Inti Utama (Mayora Group)

PT Bakrie Sumatera Plantations Tbk

PT Semen Kupang Indonesia

PT Prodia Widyahusada Tbk

Work highlights

  • Advised and assisted Mayora Group (and PT Bank Mayora) in the acquisition of PT Bank Mayora by PT Bank Negara Indonesia Tbk (“BNI”) with the transaction value approximately IDR 3.5 tn.
  • Advised PT Indika Energy Tbk to establish a joint venture company for the business related to solar power plants (PLTS).
  • Advised and assisted Indonesia Financial Group/IFG (PT Bahana Pembinaan Usaha Indonesia (Persero)) in the process of Government of Indonesia’s equity participation in financial year 2021.

TNB & Partners

TNB & Partners is affiliated with the international firm Norton Rose Fulbright, which enables the team to advise on cross-border matters with ease. The practice is led by Benny Bernarto and Kresna Panggabean in Jakarta, and Shamim Razavi in Sydney. Bernarto is recommended for M&A and commercial matters, with a focus on the technology, healthcare and real estate sectors, while Panggabean is a name to note for corporate, regulatory and compliance matters.

Practice head(s):

Benny Bernarto; Kresna Panggabean; Shamim Razavi


‘The team is always very responsive and well organised to provide the most to-the-point service to the client.’

‘They are very responsive and ready to provide thoughtful and business-oriented support to the client.’

Key clients

Siam Commercial Bank

Scope Global Pty Ltd

Eneos Corporation

AXA Impact Fund Climate & Biodiversity

Maersk Hong Kong Limited

Itochu Group

CSG International

Oracle Corporation

Abt Associates

Work highlights

  • Advised Siam Commercial Bank on its $100m Series E investment for Akulaku Group. Akulaku Group has presence in seven countries: Indonesia & Hong Kong, Tokyo, Malaysia, Philippines, Cayman Islands & Vietnam.
  • Advised ENEOS Corporation on its joint venture with TotalEnergies to develop on site B2B solar distributed generation for clients in Indonesia, Japan, India, Thailand, Vietnam, Philippines, Cambodia, Singapore and Malaysia.

UMBRA – Strategic Legal Solutions

UMBRA – Strategic Legal Solutions is well regarded for cross-border M&A and restructuring matters, and has considerable experience in handling the corporate aspects of deals in the real estate, telecoms and projects sectors. The team is jointly led by Pramudya Oktavinanda, who handles the acquisitions of public and private corporations, and Poppy Cut Rahmasuci, who advises on M&A, commercial and employment matters.

Practice head(s):

Pramudya Oktavinanda; Poppy Cut Rahmasuci

Key clients

PT Telkom Indonesia (Persero) Tbk.

PT Telekomunikasi Seluler

PT Dayamitra Telekomunikasi

PT Indo Raya Tenaga

PT PLN (Persero)

PT Aneka Tambang Tbk.

PT Len Industri (Persero)

Equinix Inc

PT Prima Layanan Enjinering

PT Kereta Api Indonesia (Persero)

PT Sigma Tata Sedaya/Telkom Data Ekosistem

Siemens Energy

PT Pembangkitan Jawa Bali

Work highlights

  • Advising PT Telkom Indonesia (Persero) Tbk. (Telkom) and PT Sigma Tata Sedaya on the establishment of a data centre.
  • Advised PT Telekomunikasi Selular (Telkomsel) on its $450m strategic investment in PT Aplikasi Karya Anak Bangsa (Gojek).
  • Advised on the sale and leaseback transaction of 10,050 telecoms towers of PT Telekomunikasi Selular.

Bagus Enrico & Partners (BE Partners)

Bagus Enrico & Partners (BE Partners) advises on corporate M&A deals, restructuring, investments and general compliance and governance matters. Under the leadership of Bagus Nur Buwono and Enrico Iskandar, the team acts for foreign and domestic ventures capital firms on investments into Indonesian technology-based companies and start-ups.

Practice head(s):

Bagus Nur Buwono; Enrico Iskandar

Key clients

Project Alexandra


Flash Coffee

Sinar Surya Cemerlang

BRI Ventures

Thai Union Group

PT. Sayana Integra Properti

Apex Group

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 provides an ‘outstanding service’ to clients and often works in conjunction with other offices in the Hogan Lovells network to advise on cross-border deals. With Mochamad Kasmali at the helm, the practice continues to advise on M&A, due diligence, regulatory matters and post-transaction issues.

Practice head(s):

Mochamad Kasmali

Other key lawyers:

Karina Antonio


‘Karina Antonio is communicative and polite.’

‘Good team with its specific specialisation in handling corporate actions.’

‘The Hogan Lovells DNFP team has been able to provide outstanding service to us as its clients by always providing fast, comprehensive and targeted legal services.’

‘Every individual in the Hogan Lovells team has shown a commitment to providing the best service to their clients where updates are provided and every progress is followed up carefully.’

‘They always make sure that everything gets done and aligned within clients’ expectation.’

Key clients

Education Index Management Asia Pacific Pte Ltd

Total Specific Solution B V

PT Evans Indonesia

PT Mercedes Benz Distribution Indonesia

PT Bank BTPN Syariah Tbk

International Business Machines Corporation

Work highlights

  • Advised Education Index Management in the global acquisition of a group of companies located in Singapore, New Zealand, Africa and Indonesia, which manages and operates an international school, namely Green School.
  • Advised Total Specific Solution BV on a global acquisition of business units of CGG Entities, including in Indonesia.
  • Advised IBM, an American multinational technology corporation, on the global separation and reorganization of its managed infrastructure services business in anticipation of the pending spin-off of the MIS business into a separate publicly traded company.

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

Led by Singapore-based Hanim Hamzah, Roosdiono & Partners (a member firm of the KPMG Law network) has recently been handling a number of corporate instructions pertaining to the tech space and is also active in the real estate, energy and resources, agriculture and financial services sectors. On the ground in Jakarta, key practitioners Barry Rolandi, Jade Hwang and Achimi Athia Anita focus on M&A, joint ventures and investments.

Practice head(s):

Hanim Hamzah

Other key lawyers:

Barry Rolandi; Jade Hwang; Achimi Athia Anita

Key clients

Intudo Ventures II, LP

Xiaomi Corporation

Savills (SEA) Pte Ltd

eWTP Tech Innovation Fund LP

5Y Capital

M31 Navigator Fund LP

PT Sumber Mas Sari

EV Growth

Sky9 Capital

Santoso, Martinus & Muliawan Advocates

Santoso, Martinus & Muliawan Advocates acts for a range of public, multinational and state-owned companies, as well as financial institutions, on cross-border M&A transactions and has a strong focus in the financial technologies, mining, plantation, ITC and employment sectors. The team is jointly led by Elvino Martinus and William Muliawan.

Practice head(s):

Elvino Martinus; William Muliawan

Other key lawyers:

Wincen Santoso


‘Wincen Santoso is helpful and responsive.’

Key clients

PT Hipernet Indodata

Asiantrust Investama and PT Simpan Raya Teknologi

Mediahuis Ireland Limited

Cintana Education LLC

Chegg Incorporation

Work highlights

  • Advised PT Hipernet Indodata’s shareholders on its sale of majority stake in PT Hipernet Indodata to PT XL Axiata Tbk, in the total amount of $45m.
  • Advised a consortium (consisting of Asiantrust Investama, one of Indonesian active financial investors, and Simpan Raya Teknologi as a well-established tech company focussing on financial services) on acquiring an asset management company.
  • Advised Cintana Education LLC in its partnership with Universitas Esa Unggul.

Walalangi & Partners in association with Nishimura & Asahi

Walalangi & Partners in association with Nishimura & Asahi handles cross-border corporate M&A work for large multinational clients; its expertise encompasses acquisitions, disposals, joint ventures and corporate restructurings across a range of sectors, including industrial, retail and real estate. Luky Walalangi heads the practice with over 20 years’ experience in M&A and financing matters.

Practice head(s):

Luky Walalangi

Other key lawyers:

Miriam Andreta


‘W&P team offers practical solutions in a timely manner.’

‘Luky Walalangi has strong leadership skills and an established and dedicated team.’

Key clients

Cool Japan Fund


Denso Corporation

Dhost Telekomunikasi Nusantara, PT

Diamond Development Indonesia, PT

Essex Bio – Technology Limited

Family Mart Co., Ltd.

GS Yuasa Corporation

Haseko Corporation

Hitachi Transport System, Ltd.

Hokkan Holdings Corporation

Idemitsu Kosan, Co., Ltd.


Itochu Corporation

Junhe Law Office

Kobelco Group

List Holdings Singapore Pte., Ltd.

Lotte Co., Ltd.

Macallan Capital

Marubeni Corporation

Mitbana Corporation

Mitbana Jurong Pte., Ltd.

Mitsubishi Corporation

Mitsubishi UFJ Lease & Finance

Mitsui & Co., Ltd.

Mitsui Energy Trading Singapore

Mitsui Indonesia, PT

Mizuho Bank, Ltd.


Nippon Steel Corporation

Orient Corp.

Osaka Steel Corporation

Otsuka Holdings Co., Ltd.


Resona Bank, Japan

Resona Indonesia Finance, PT


Saint-Gobain Indonesia subsidiaries

Secom Co., Ltd.

Showa Denko

Showa Leasing Co., Ltd.

SMBC Nikko Securities Inc.

Squire Patton Boggs Singapore LLP

TIS Inc.

Tokyo Gas Corporation

Tokyo Tatemono

Toyota Tsusho Corporation



Yamaha Motor, Co., Ltd.

Yamaha Music Indonesia, PT

Work highlights

  • Acting ascounsel to Mitsubishi UFJ Lease & Finance Company, Limited (MUL) on its Indonesian merger-related matter with Hitachi Capital Corporation (HC), a Japan-based company engaged in leasing and financing services business in Japan and overseas, including on its merger control preparation in Indonesia.
  • Acting as counsel to major Japanese consumer credit supplier Orient Corporation, one of the leading finance companies in Japan, on the acquisition of a majority interest in an Indonesian finance company PT. Mizuho Balimor Finance from Mizuho Bank.