Pending the long-awaited amendment of the Indonesian Competition
Law (
please click this link to see our previous alert on this
issue ) and in response to the urgency from the KPPU to
oversee non-share-based transactions that may raise
anti-competitive concerns, the KPPU recently published KPPU
Regulation No. 3 of 2019 on Assessment of Merger or Consolidation
of Business Entities or Share Acquisition of Companies that could
Result in Monopolistic and/or Unfair Business Competition Practices
("New Regulation").
Notification of Asset Acquisitions
The most notable feature under the New Regulation is the
mandatory notification of asset acquisitions to the KPPU. This
means that after escaping scrutiny by the KPPU, asset acquisition
is finally receiving the same treatment as share acquisition. An
asset acquisition will have to be notified to the KPPU within 30
business days as of the effective date of the transaction if the
following thresholds are met:
