Makes & Partners has handled numerous significant asset disposal and foreign investment/acquisition transactions for and on behalf of the buyer as well as the seller often in connection with its capital markets and privatization practice. Some of the significant mergers and acquisitions deals handled by Makes & Partners are as follows:
- Ongoing reverse takeover by way of acquisition involving three public-listed companies on the Indonesia and Singapore stock exchanges, with an exchange of shares valued at over S$1.5 billion.
- Ongoing indirect acquisition of a petroleum industry related chemical manufacturing plant, a public service obligation business and a strategic supplier of certain key materials to Pertamina, the state-owned oil and natural gas company, with a large transaction value
- Acquisition of eight Indonesian shopping malls for Lippo Malls Indonesia Retail Trust (LMIRT) in Singapore, for a total of S$691.4 million.
- Acquisition of two Indonesian hospitals and a hotel for First Real Estate Investment Trust (FREIT) in Singapore, for a total of S$142.9 million.
- Sale of 68.82% majority stake in PT Sorini Agro Asia Corporindo Tbk for Rp2 trillion.
- Sale of PT Austindo Nusantara Jaya Rent for approximately US$155 million.
- Private placement of shares in PT Tempo Scan Pacific Tbk by PT Bogamulia Nagadi for US$229 million.
- Sale of a 45% stake in PT BFI Finance Indonesia Tbk by certain selling shareholders for a value of USD 168 million. The transaction also involved cross border transactions entered into by certain selling shareholders from various jurisdictions.
- A Strategic alliance between PT Matahari Putra Prima Tbk (“MPP”) and CVC Capital Partners Asia III L.P. and CVC Capital Partners Asia Pacific III Parallel Fund-A L.P. (collectively, “CVC”), a global private equity fund. As part of the implementation of such formation, MPP sold 90.76% of its stake in PT Matahari Department Store Tbk (“MDS”) to PT Meadow Indonesia, a subsidiary of CVC, at the aggregate purchase price of approximately IDR 7.2 trillion. MPP remains committed to focus on the retail business by retaining ownership and control of the Matahari Food Business and through the joint venture formed under this alliance, with an indirect interest of 19.6% - 26.95% in MDS.
- Sale of PT AKR Corporindo Tbk shares in PT Sorini Agro Asia Corporindo Tbk (“SAAC”) representing 68.82% of issued shares of SAAC with a deal value of more than IDR 2.2 trillion.
- Acted as counsel for a publicly listed company in the biggest consumer goods acquisition capital market deal for an aggregate purchase price of approximately IDR 7 trillion;
- Merger of Bursa Parallel Indonesia with Surabaya Stock Exchange which became Surabaya Stock Exchange in 2005 and the subsequent merger of Surabaya Stock Exchange with Jakarta Stock Exchange which became the Indonesia Stock Exchange (IDX) in 2007, with a deal value of IDR 2.2 trillion (combined market capitalization). Makes & Partners is the only Indonesian law firm involved in both these merger transactions.
- Sale of majority stake in PT Bank Ekonomi Rahardja Tbk to HSBC, with a deal value of more than USD 600 million.
- Acquisition of PT Apexindo Pramata Duta Tbk, an Indonesian oil drilling company, by the subsidiary of PT Mitra Rajasa Tbk, with a deal value of more than USD 500 million.
- Merger of PT Lippo Karawaci Tbk involving a total of 8 companies which included 4 public listed companies.
- Merger of PT Kalbe Farma Tbk and PT Dankos Labotories Tbk and PT Enseval.
- Subscription of shares by a foreign company in an Indonesian company engaged in oil and gas business and an indirect holder of the Participating Interest in the Java Block (Cepu) amounting to more than USD 120 million.
- Acquisition of assets and portfolio of Royal Bank of Scotland Group plc (RBS) in Indonesia by the Australia and New Zealand Banking Group Limited (ANZ).