Foreign firms in Indonesia

Allen & Overy

Fielding a strong eight partner team, Allen & Overy has a longstanding history in Indonesia covering a varied workload including corporate and M&A, banking and finance, projects and energy, and capital markets. The projects team is led by Jason Humphreys who is supported by Scott Lovell, primarily acting for Chinese, Japanese and Korean sponsors. Gautam Narsimhan is a key name for the firm’s banking work, and primarily acts for international sponsors on leveraged and structured financings. On the corporate side, Brendan Hannigan has been very active in Indonesia’s booming technology sector, counting its leading e-commerce company Tokopedia as a key client. For capital markets, Felipe Duque and Aloysius Tan cover the spectrum of both ECM and DCM, with notably strengths in handling deals covering US securities law.


‘The lawyers know not only legal specifics but also have commercial sense, which makes deals easy to progress. Scott Lovell in Singapore and Michael Tardif did a wonderful job in finding the middle ground with the sponsors.’

‘A&O provided professional service in a very efficient and client friendly manner which let them stand out from the rest in the market. I was especially impressed by the streamlined collaboration among differing offices of A&O, allowing us to meet an extremely tight deal schedule even with unexpected limitations caused by Covid-19.’

‘Harun Reksodiputro provided timely and in debt analysis of local regulatory practices. Kenna Safrudin was the day to day contact, very approachable and reliable. They both give you the assurance that you engaged one of the most reliable and professional Indonesian counsels.’

Key clients

Bank Mandiri

BNP Paribas

International Finance Corporation

Republic of Indonesia

PT Bumi Cakrawala Perkasa, the owner of OVO

PT Tokopedia

PT Asuransi Jiwa Manulife Indonesia

PT Pertamina



Work highlights

  • Advised a club of banks on a term loan facility which was used in part to finance existing facilities of the Trans Retail Indonesia group
  • Advised the Republic of Indonesia on its bond issuance to  to fund its Covid-19 relief and recovery efforts.
  • Advised Tokopedia, on its latest fundraising round totalling approximately USD1.1 billion led by Softbank Vision Fund and one of China’s largest e-commerce and digital companies.

Clifford Chance

Clifford Chance has been advising on pivotal capital market deals in Indonesia, some involving the government and Bank Mandiri’s respective efforts to tackle the Covid 19 crisis. Outside of this area, the team is also highly skilled in M&A, banking and dispute resolution. Melissa Ng heads up the team and is an expert in corporate and M&A, most notably involving the energy, consumer and financial services sectors. Johannes Juette has been handling the capital market deals, and is highly skilled in debt offerings and IPOs. Thomas England is another key name noted for his work on financing and restructuring. For contentious matters, Kabir Singh is highly skilled in cross-border litigation and arbitration.

Key clients


PT Barito Wahana Lestari

PT Garuda Indonesia (Persero) Tbk

Credit Suisse

ABN Amro


Mubadala Petroleum

Evolution Wellness


Medco Energi

Work highlights

  • Advising KrisEnergy on its proposed divestment of a portfolio of assets in Indonesia.
  • Advised on $500m bond offering by Indonesia’s Bank Mandiri.
  • Advised a consortium of banks including Citigroup, Deutsche Bank, GoldmanSachs, HSBC and Standard Chartered Bank as joint lead managers on the Republic of Indonesia’s $4.3b three-tranche bond issuance.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP uniquely integrates its international network with its associated office through long term secondments, where corporate partners David Dawborn, known for his work handling major energy deals, and Vik Tang, who has a strong focus on the technology sector, are permanently based in Jakarta. Moreover, Gitta Satryani, who is an expert in cross-border litigation and arbitration, divides her time between Jakarta and Singapore. Alistair Henderson, who is managing partner of the firm’s Southeast Asian offices, is another key name for disputes. Adrian Cheng is another important figure in the Singapore office, who has been very active in corporate and acquisition financings. Also recommended are David Clinch, who focuses on projects and energy, as well as TMT specialist Mark Robinson.

Key clients

Axiata Group


Space DC


Rajawali Property Group


Pertamina-Rosneft joint venture

UEM Group

Avation PLC

Asian Development Bank

Work highlights

  • Advising Pertamina Rosneft Pengolahan dan Petrokimia  on the development and operation of a new integrated refinery and petrochemical complex located in Tuban,East Java.
  • Advised JD.Com as joint lead investors, alongside Google, Tencent and Mitsubishi Corporation on various complex matters relating to the $2b investment funding round in Go-Jek.
  • Advised Space DC on all international and Indonesian aspects of the establishment of a data centre platform and joint venture with GIC.


Linklaters has a notably diverse offering which includes corporate and M&A, capital markets, banking and finance, and projects and energy. The banking and finance work is led by Christopher Bradley, who is managing partner of the firm's Singapore office, and focuses on leveraged, infrastructure and acquisition finance. Philip Badge is another key name for this work with particular strengths in cross-border deals covering ASEAN and India. On the corporate side, Sophie Mathur is highly skilled in M&A, with a strong emphasis on the consumer and food and beverage sectors. For capital markets, Amit Singh and Jonathan Horan  lead on debt and equity issuances.

Key clients

DBS Bank

Citigroup Global Markets Limited

BNP Paribas

Standard Chartered Bank



Astra International

PT Medco Power Indonesia

RATCH Group Public Company Limited

DP World

Kasikornbank Public Company Limited

Work highlights

  • Advised BNP Paribas, Citigroup and HSBC as Joint Global Coordinators and Dealer Managers on US$2.5bn triple series Notes Offering and Concurrent Tender Offers by PT Indonesia Asahan Aluminium (Persero)
  • Advised Astra International Tbk on the sale of its 44.56% stake in PT Bank Permata Tbk (Bank Permata) to Bangkok Bank Public Company Limited (Bangkok Bank).
  • Advised PT Medco Power Indonesia and RATCH Group Public Company Limited as sponsors on the project financing of a 275MW Gas Fired Power Plant Project in Riau province, Indonesia.


Milbank has acted on a significant proportion of Indonesia’s major energy deals, with additional expertise in capital markets, banking and finance, restructuring, and corporate and M&A. David Zemans  is a widely respected name for corporate finance, particularly involving energy and infrastructure. Junior partner James Orme has been working alongside Zemans on most mandates. Project finance specialist James Murray is another key name in the energy space and predominantly acts for international lenders on power and oil and gas projects. Jacqueline Chan has been an important figure for the firm’s work outside of energy, advising on corporate and capital markets deals involving the technology, consumer and financial services sectors.

Key clients

Asian Development Bank

International Finance Corporation



Citigroup Global Markets Inc.

Standard Chartered Bank

PT Bank Mandiri (Persero) Tbk

PT Indosat Tbk

PT ABM Investama

PT Lestari Banten Energi

PT Alam Sutera Realty Tbk

PT Inti Anugrah Propertindo

PT Adaro Indonesia / PT Adaro Energy Tbk

PT Lippo Karawaci Tbk





Work highlights

  • Advised PT Adaro Indonesia / PT Adaro Energy Tbk in connection with their issuance of US$750 million senior notes.
  • Advised a consortium of lenders in connection with the $1.8b financing of the Jambaran Tiung Biru gas field unitization project for PT Pertamina EP Cepu.
  • Advised a consortium of lenders in connection with the development and financing of the 275 MW CCGT Riau IPP in Sumatra, Indonesia.

White & Case Pte. Ltd.

2020 saw White & Case Pte. Ltd. advise on two major deals in M&A and capital markets, with a strong workload across other areas such as banking, restructuring and project finance. Kaya Proudian leads the firm’s capital markets team and has been assisting the Indonesian government with its issuances of green sukuk bonds. The corporate team is led by Jonathan Olier who is supported by Jon Bowden, who both advised Bangkok Bank on its landmark $2.3b acquisition of local bank Bank Permata. Alexander McMyn, who advises on banking and restructuring deals, is also noted.


‘Well-versed in local regulations and how to navigate the Indonesian regulatory environment.’

Key clients

Bangkok Bank Public Company Limited

Baring Private Equity Asia

BNP Paribas

CIMB Investment Bank Berhad, Singapore Branch,

CLSA Limited

Credit Suisse (Singapore) Limited


Deutsche Bank AG, Singapore Branch



The Government of Republic of Indonesia

Indosat Ooredoo

International Finance Corporation (IFC)

MNC Group

Nomura Singapore Limited

Sinarmas Sekuritas

Pacific Century Group

Puma Energy

Work highlights

  • Advised Bangkok Bank Public Company Limited on its US$2.3 billion acquisition of a majority shareholding in Bank Permata Tbk from Standard Chartered Bank and PT Astra International Tbk.
  • Advising the Government of Republic of Indonesia on the update of its US$25 billion Rule 144A/Reg S Trust Certificate Issuance Programme and the subsequent US$2.5 billion issuance of trust certificates.
  • Advised BNP Paribas, CIMB Investment Bank Berhad, Singapore Branch, Credit Suisse (Singapore) Limited and Deutsche Bank AG, Singapore Branch as joint lead managers in connection with LMIRT Capital Pte. Ltd.’s $250m notes offering.

Shearman & Sterling LLP

Shearman & Sterling LLP covers a wide variety of areas including capital markets, project finance, M&A and international arbitration. Ben Shorten leads the firm’s project development team for Asia, and is highly skilled in oil and gas and power projects Bill McCormack is another respected name for project finance and is currently very active in the renewables space. Andrew Schleider heads the capital markets side and has advised global names such as Morgan Stanley, Standard Chartered and Credit Suisse. Daryl Chew, who focuses on international arbitration, is also recommended.


‘The team is small yet solid and has a deep understanding of the law, transaction, and culture. Thus doing business in Indonesia has its own uniqueness, yet as a foreign firm, was able to grasp.’

Key clients


PT Aplikasi Karya Anak Bangsa (“Gojek”)

Morgan Stanley

Standard Chartered



Deutsche Bank

Sumitomo Mitsui Banking Corporation

PT Sri Rejeki Isman Tbk

International Finance Corporation (IFC)

Barclays Bank



BNP Paribas

Credit Suisse

Work highlights

  • Advising Inalum on its investment into PT Vale’s Indonesian nickel mine and other assets.
  • Advising a financial consortium in connection with the offering and Singapore Exchange listing of notes by Medco Bell.
  • Advising Masdar in connection with the development of a floating solar PV project.

Baker McKenzie Wong & Leow

Baker McKenzie Wong & Leow multi-disciplined team has advised on banking and finance, projects and energy, M&A, and capital markets. James Huang is the head of finance for Indonesia as well as several other Asian jurisdictions, making him well placed to handle cross-border deals, particularly involving debt restructuring. Projects specialist and former civil engineer Martin David is another key name noted for his work on greenfield independent power projects. Capital markets specialist Ashok Lalwani is another important figure and stands out for his expertise in advising non-US entities on deals involving US securities law.


‘Team is well versed with local and international practices, and looks at commercial aspects of how to apply the local regulation in view of these differences.’

‘Mita Guritno – strong in advisory of banking structures.’

Key clients

PT Perusahaan Listrik Negara (Persero)

PT Ashmore Management Indonesia

Credit Suisse

Warburg Pincus

MUFG Bank Ltd.

Sumitomo Mitsui Banking Corporation


Hyundai Engineering & Construction

Korea Hydro & Nuclear Power

EDF Energy

United Overseas Bank

Standard Chartered Bank

Indofood Agri Resources Ltd

PT Indomobil Finance Indonesia

PT CSM Corporatama

J.P. Morgan Securities

DBS Bank Ltd

Indonesia Eximbank


CIMB Bank Berhad

Work highlights

  • Advised on PLN’s landmark USD 1 billion syndicated term loan facility.
  • Advised Ashmore Management Indonesia on its initial public offering.
  • Advised  on Warburg Pincus’ proposed investment in Circles Asia Pte. Ltd.

DLA Piper

Drawing upon its Bangkok, Hong Kong, and Singapore offices, DLA Piper advises on an array of matters involving banking and finance, capital markets, corporate and M&A, and project finance. These sizable resources led to cross-border deals, including Joe Bauerschmidt 's work for General Electric on the Indonesia aspect of its global restructuring. Matthias Schemuth leads the projects team and is highly skilled in the financing of major fossil fuel energy projects. The team also benefits from Timothy Tan's broad expertise in banking and finance and capital markets.


‘DLA comes to each issue and matter with a practical viewpoint and always tries to understand what is important to the client before rendering their advice – which makes the recommendations all the more useful as opposed to a strict legal interpretation of the issue or implementation of “best practices” which may not be the most helpful in getting a deal done.’

‘Extremely responsive and available – at all hours. I am sometimes surprised by their responsiveness sometimes responding in the wee hours of the morning. Stewart Wang and Joe Bauerschmidt are two of the partners who impress me the most.’

Key clients

General Electric


Bank Mandiri

Indonesia Power

China Energy Investment Corp



Ironshore Insurance

Liberty Mutual

Experian Ventures


DBS Bank

Barito Pacific



Work highlights

  • Acted for Bank Mandiri in its role as issuer in the establishment of a US$2 billion EMTN programme.
  • Advised General Electric on the internal restructuring of its transportation business and on the acquisition of the shares in Indonesia to Wabtec.
  • Assisted Ironshore Insurance, Liberty Mutual and AIG asunderwriters’ counsel on warranty and indemnity (W&I) policies relating to various Asian corporate M&A deals.

Jones Day

Project finance and dispute resolution are the two standout skills of Jones Day. Julien Reidy leads on the project finance work and is highly skilled in handling infrastructure projects, most recently advising on Indonesia's first-ever satellite project to be done through a public-private-partnership. Alex Cull also specialises in project finance but is more focused on the oil and gas and mining sectors. The contentious work is handled by Matthew J. Skinner who is also highly focused on the oil and gas sector.


‘Jones Day team members in Singapore are solid and have in-depth technical legal knowledge as well as exceptional knowledge of clients’ industry and business. The key differentiation (compared to other international law firms) is their prompt problem solving and communication skills as well understanding of the intercultural gaps when doing cross border transactions (this is rarely found in international firms).’

‘Alex Cull of Jones Day Singapore office is second to none in terms of his wealth of industry-specific experience in energy. His responsiveness and attention to detail on issues are admirable. I have only known him for a few years but I found him not only personable but also an attentive person. It is always a pleasant experience and incredible journey to work with Alex and his team members.’

Key clients

Ministry of Communications and Information Technology (Indonesia)

ARA Asset Management Limited

Macquarie Capital

PT Saka Energi Indonesia

Work highlights

  • Represented the Ministry of Communications and Information Technology (Indonesia) in connection with its procurement of a billion dollar Government multifunction satellite public private partnership.
  • Acting for Risco Energy in an ICC arbitration and associated proceedings in the English High Court concerning Indonesian tax indemnities and tax reporting obligations in a share sale and purchase agreement.
  • Advised Macquarie Capital in connection with various pre-IPO investments in ‘unicorn’ technology companies, notably based in Indonesia.

Latham & Watkins LLP

Latham & Watkins LLP operate primarily within Indonesia’s energy and infrastructure sector, advising on major financings, bond issuances, and corporate deals. Sharon Lau sits as Vice-Chair of the firm’s Global Corporate Department and is highly experienced in capital markets deals. Clarinda Tjia-Dharmadi is co-chair of the firm’s Power Industry Group and has a strong track record in advising on fossil fuel-related energy deals.


‘Commercial, responsive.’

‘Fantastic knowledge, experience, and professionalism.’

‘Sharon’s team in Latham & Watkins has consistently delivered amazing results. They have both the commercial mind and the attention to detail combined, where other firms have only one or the other. Their dedication to the work and swift turnaround time is also impressive.’

‘Sharon Lau is brilliant. She is able to capture complex commercial terms swiftly and translate it into a legal structure that can be stress-tested with scrutiny from multiple stakeholders. Tommy Tan is also excellent support for Sharon’s team as he has attention to detail down to a science.’

Key clients

PT Pertamina (Persero)

PT Tower Bersama Infrastructure Tbk

Morgan Stanley, Danareksa Sekuritas and BNP Paribas

EMP Bentu Limited

OCP Asia

PT Energi Mega Persada Tbk

TPG Capital

MyRepublic Group Limited

OL Master (Singapore Fund 1) Pte Ltd

HLT Healthcare Holdings Limited

Ruangguru Pte. Ltd.

Trinugraha Capital & Co SCA; TPG Capital (S) Pte Ltd.; Northstar Group

Traveloka Holdings Limited

PT Pertamina EP Cepu

Air Products & Chemicals

Work highlights

  • Aadvised Indonesian state-owned energy provider PT Pertamina (Persero) on its concurrent dual tranche US$1.25 billion senior notes offering.
  • Acted as borrower’s counsel on the amendment and restatement to term loan facility for PT Energi Mega Persada Tbk.
  • Represented the sponsor, PT Pertamina EP Cepu, in the project development and financing for the Jambaran-Tiung Biru Project (JTB Project).

Norton Rose Fulbright

Norton Rose Fulbright's skillset within this space covers project and corporate finance, as well as advising on M&A transactions. Singapore and Bangkok are the two main offices for Indonesian work as well as its affiliated office in Jakarta TNB & Partners.  Project finance expert Nick Merritt and corporate finance experts Stephen Woods and Craig Loveless are the important figures in Singapore. In Bangkok, M&A specialist Somboon Kitiyansub is a noteworthy name.

Allen & Gledhill LLP

A leading Singaporean firm, Allen & Gledhill LLP has significantly enhanced its presence in Indonesia through its recent tie up with local firm Soemadipradja & Taher . This collaboration came shortly after the arrival of corporate and M&A partner Oene Marseille , who formerly worked for local outfit ABNR Counsellors at Law. He leads the practice alongside Prawiro Widjaja, who focuses on M&A and private equity transactions.

Work highlights

  • Advised Lei Shing Hong Capital in relation to the $873m cross-border restructuring and insolvency of Otto Marine and its subsidiaries
  • Advised, as Singapore counsel, on the issuance of $650M senior notes.
  • Advised VTI and JFC on the Singapore law aspect of acquiring The Coffee Bean & Tea Leaf Group for $350m.

Gibson Dunn

Gibson Dunn is mostly known for handling oil and gas energy projects, owing to practice head Brad Roach's extensive experience in upstream and liquefied natural gas projects. Fellow practice head Jamie Thomas is another important figure whose expertise lie in leveraged and acquisition finance.

Practice head(s):

Brad Roach; Jamie Thomas

Work highlights

  • Advised the MAXpower Group, an Indonesian energy provider, in relation to itsUS$325 million restructuring.
  • Advising Duniatex Group, a leading textile manufacturer in Indonesia, inrelation to its US$2.2 billion restructuring.
  • Advised MPTC in its acquisition of an aggregate 24.98% interest in PT Margautama Nusantara from Cap Asia, a Singapore-based Asian infrastructure fund.

Hogan Lovells Lee & Lee

Hogan Lovells Lee & Lee's Singapore and Tokyo offices are two key sources for Indonesian work, which often work alongside its local affiliated office Hogan Lovells in association with Dewi Negara Fachri & Partners. Singapore based Maurice Burke focuses on dispute resolution, most involving energy and infrastructure projects or financial services. Sean Conaty is the key contact in Tokyo, advising the non-contentious of energy infrastructure projects including energy, transport, and social infrastructure.

Practice head(s):

Chalid Heyder


‘Commercial, sound, and robust advice.’

K&L Gates Straits Law LLC

The natural resources sector has been a key area of focus for K&L Gates Straits Law LLC, advising major domestic clients such as the government's oil company Pertamina and its mining and metals company Antam. Lian Yok Tan advises on most mandates and is an expert in oil and gas, power and mining projects.

Practice head(s):

Lian Yok Tan; James Chen

Key clients


PT Indonesia Chemical Alumina

Work highlights

  • Advising ANTAM on its proposed sale of shares in and refinancing and restructuring of the loans of a chemical grade alumina plant in Indonesia.

King & Spalding LLP

King & Spalding LLP has a long-standing presence in the oil and gas sector, mainly led by projects specialist and former chemical engineer Merrick White. Other figures from the team include Richard Nelson, who has a similar focus, as well as banking and finance specialist Andrew Brereton.


‘Chris Baily is an outstanding dispute resolution lawyer. Having worked in-house at a major Japanese trading house, he is very familiar with the Japanese corporate culture.’

‘Very innovative and commercial in their advice to the client. They think ahead, and always try to understand the client.’

‘Chris Bailey knows the region, he understands the Japanese culture, the clients like him and respect him and his advice on complex contractual issues. He is very thorough, and a true expert in the international disputes field in Asia, particularly in relation to energy-related projects.’

‘In the area of dispute resolution, arbitration, in particular, this team is standing out because of its experience and knowledge.’

‘Chris Bailey is one of the leading individual in the dispute resolution sector in Japan.’

Key clients

Paiton Energy

Mitsui & Co., Ltd.

Minejesa Capital BV

Ophir Energy

Batavia Oil

Conrad Petroleum

Coro Energy

Star Energy Geothermal

Work highlights

  • Advising a leading Japanese trading company on its ongoing auction sale of its stakes in the largest power project in Indonesia plus stakes in similarly sized projects in Malaysia and China.
  • Advising Pertamina on the development and financing of a proposed $6.5b naphtha cracker plant and downstream derivative units in Balongan, Indonesia.
  • Advised ANTAM on a potential disputes arising out of a $254 mturnkey engineering, procurement, and construction contract for its East Halmahera Ferronickel Plant Construction Project.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has a particularly strong offering in capital markets, with additional expertise in advising on M&A and loan facilities. Rajeev Duggal heads the Singapore office and is highly skilled in the aforementioned areas, primarily focusing on the energy sector, and counts the major Indonesian oil and gas company Medco Energi as a key client. Jonathan Stone, who is based in the Hong Kong office, is experienced in cross-border M&A and private equity transactions.


‘Team is filled with smart individuals, excellent commercial thinking.’

Key clients

PT Medco Energi Internasional Tbk

PT Bumi Serpong Damai Tbk

Sea Limited

Axiata Group

PT Modernland Realty Tbk

PT Paiton Energy

PT Medikaloka Hermina

Work highlights

  • Advised Axiata Group Berhad on its proposed merger with TelenorGroup’s APAC operations.
  • Advised PT Bumi Serpong Damai Tbk in the $300m high yield offering of senior notes.
  • Advised PT Medco Energi Internasional on its $650m bonds issuance.