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.
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 …View Profile...
Corporate and M&A in Indonesia
Assegaf Hamzah & Partners
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.’
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
- 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.
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.’
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
- 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.
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.’
CK Hutchison Holdings Limited, PT Hutchison 3 Indonesia
Elang Mahkota Teknologi Tbk
KV Asia Capital (Private Equity)
PT Astra International Tbk
PT XL Axiata
PT Global Digital Niaga
- 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.
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.’
KB Kookmin Bank
Sinar Mas Group
Willis Towers Watson
- 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.
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.’
Apis General Partner II LLP
Arthur J. Gallagher & Co.
PT Kreasi Teknologi Makmur
PT Summitmas Property
Drew & Napier
PT Sumitomo Indonesia
PT Summit Niaga
Arnott’s Biscuits Ltd.
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)
Drew & Napier
Addleshaw Goddard LLP
CAC Nantong Chemical Co. Ltd.
Kobayashi Pharmaceutical Co., Ltd.
PT Exterran Indonesia
Famsun Co., Ltd.
KPMG LLP (UK)
PT Frisian Flag Indonesia
Drew & Napier
PT Tigaraksa Satria, Tbk
Kimberly-Clark Corporation, PT Softex Indonesia
PT Valspar Indonesia
PT KBR Indonesia
- 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.
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.’
Grab Holdings Inc.
Restaurant Brands Asia Limited
POSCO International Corporation
Princeton Digital Group
- 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.
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.
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.’
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 Pembangunan Jaya
PT Surya Semesta Internusa Tbk.
- 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.
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.’
Affinity Equity Partners
PT Nestle Indonesia
Macquarie Asset Management
- 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.
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
PT Bahari Perdana Persada
PT Kereta Api Indonesia (Persero)
PT Mersifarma Tirmaku Mercusana
Clase Azul Asia Co Ltd.
Graade Consulting Limited
Swire Shipping Pte. Ltd.
Absolutely Digital Limited
PT Jasa Marga (Persero) Tbk
PT Bank Fama International (“Fama”)
PT Toyota Motor Manufacturing Indonesia (“TMMIN”)
PT Telkom Indonesia (Persero) Tbk
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”)
- 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.
Ratih Nawangsari; Dion Alfadya
Other key lawyers:
‘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.’
Lunaria Annua Holding Pte Ltd
H.R.L. Morrison & Co Limited
Southeast Asia Clean Energy Facility (“SEACEF”)
The Chugoku Electric Power Co., Inc.
PT Indonesia Asahan Aluminium (Persero)
Petrochemical Industries Company K.S.C
- 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.
Rahmat Soemadipradja; Retno Muljosantoso; Emalia Achmadi; Denia Isetianti Permata; Oene Marseille; Robert Reid
Square Peg Capital and Susquehanna International Group
Softbank Ventures Asia Corp
- 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.
Other key lawyers:
‘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.’
Victory Park Capital Advisors, LLC
Receivers in the bankruptcy of CG Power System Belgium N.V.
Baring Private Equity Asia (BPEA)
- 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.
Andy Kelana; Helena Adnan
Other key lawyers:
‘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.’
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
PT Saratoga Investama
PT Tower Bersama Infrastructure Tbk
PT Chevron Oil Products Indonesia
PT Kayan Hydropower Nusantara
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
- 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.
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.’
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
- 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.
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.’
Siam Commercial Bank
Scope Global Pty Ltd
AXA Impact Fund Climate & Biodiversity
Maersk Hong Kong Limited
- 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.
Pramudya Oktavinanda; Poppy Cut Rahmasuci
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)
PT Prima Layanan Enjinering
PT Kereta Api Indonesia (Persero)
PT Sigma Tata Sedaya/Telkom Data Ekosistem
PT Pembangkitan Jawa Bali
- 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.
Bagus Nur Buwono; Enrico Iskandar
Sinar Surya Cemerlang
Thai Union Group
PT. Sayana Integra Properti
China Tobacco International HK
AX Venture Capital
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.
Other key lawyers:
‘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.’
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
- 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.
Other key lawyers:
Barry Rolandi; Jade Hwang; Achimi Athia Anita
Intudo Ventures II, LP
Savills (SEA) Pte Ltd
eWTP Tech Innovation Fund LP
M31 Navigator Fund LP
PT Sumber Mas Sari
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.
Elvino Martinus; William Muliawan
Other key lawyers:
‘Wincen Santoso is helpful and responsive.’
PT Hipernet Indodata
Asiantrust Investama and PT Simpan Raya Teknologi
Mediahuis Ireland Limited
Cintana Education LLC
- 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.
Other key lawyers:
‘W&P team offers practical solutions in a timely manner.’
‘Luky Walalangi has strong leadership skills and an established and dedicated team.’
Cool Japan Fund
Dhost Telekomunikasi Nusantara, PT
Diamond Development Indonesia, PT
Essex Bio – Technology Limited
Family Mart Co., Ltd.
GS Yuasa Corporation
Hitachi Transport System, Ltd.
Hokkan Holdings Corporation
Idemitsu Kosan, Co., Ltd.
Junhe Law Office
List Holdings Singapore Pte., Ltd.
Lotte Co., Ltd.
Mitbana Jurong Pte., Ltd.
Mitsubishi UFJ Lease & Finance
Mitsui & Co., Ltd.
Mitsui Energy Trading Singapore
Mitsui Indonesia, PT
Mizuho Bank, Ltd.
Nippon Steel Corporation
Osaka Steel Corporation
Otsuka Holdings Co., Ltd.
Resona Bank, Japan
Resona Indonesia Finance, PT
Saint-Gobain Indonesia subsidiaries
Secom Co., Ltd.
Showa Leasing Co., Ltd.
SMBC Nikko Securities Inc.
Squire Patton Boggs Singapore LLP
Tokyo Gas Corporation
Toyota Tsusho Corporation
Yamaha Motor, Co., Ltd.
Yamaha Music Indonesia, PT
- 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.