Department profile

Corporate/M&A

Asia-Pacific Guide 2026 : Indonesia

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills Kramer

Rankings

Ranked Individuals

About

Provided by Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills Kramer

We are one of the leading law firms for strategic and complex M&A involving Indonesia. We are familiar with key regulatory issues for M&A in Indonesia, engaging with the Financial Services Authority (OJK), Investment Coordinating Board (BKPM) and technical ministries like the Ministry of Trade and Ministry of State-owned Enterprises.

We regularly act for leading corporates, financial institutions, private equity funds and other financial buyers on some of the biggest cross-border M&A deals across all major industry sectors, including financial services, TMT, digital economy and fintech, healthcare & pharmaceutical, consumer products, manufacturing/industrials and energy & infrastructure.

Our recent work highlights include acting for:

Yupi Indo Jelly Gum on its sale to Affinity Equity Partners for $1.2 billion
Sight Investment Company on the acquisition of shares in PT Siloam International Hospitals Tbk and a subsequent voluntary tender offer in relation to the shares in Siloam
Indonesia Investment Authority (INA) on divestment of a majority stake in two Indonesian toll roads to ADIA and APG with an enterprise value of approximately US$1.3 billion
selling shareholders of PT Inti Bangun Sejahtera Tbk (IBST) on the sale of their entire stake in IBST to iForte
Smartfren Telecom, majority-owned by Sinar Mas, on its merger with XL Axiata to form PT XLSMART Telecom Sejahtera

Clients (12)

CVC
Commonwealth Bank of Australia
Inchcape
Singtel
Columbia Asia
Indocement
Petrindo Jaya Kreasi
Sumitomo Corporation
Hillhouse Investment
Emtek
Nusantara Infrastructure
Dian Swastatika Sentosa

Industries (12)

Agriculture and Agribusiness
Agriculture and Agribusiness
Energy and Utilities
Financial Services
Financial Investors
Health and Life Sciences
Industrials, Engineering and Manufacturing
Insurance
Property, Construction and Infrastructure
Resources and Mining
Retail and Consumer
TMT

Chambers Review

Provided by Chambers

Corporate/M&A - Indonesia

Band 1

What the Team is Known For

Hiswara Bunjamin & Tandjung is singled out for its capacity to handle big-ticket M&A and for advising prestigious international corporates on their entry into the Indonesian market. The firm is also active for leading Indonesian companies, advising clients on a range of legal issues relating to key acquisitions, divestments and joint ventures. The team regularly appears for clients on matters in the financial services, healthcare, infrastructure and natural resources sectors.

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Work Highlights

Provided by Chambers

Hiswara Bunjamin & Tandjung advised Creador, a Malaysian-based private equity firm, on its acquisition of a controlling stake in MG Group from Northstar and other stakeholders, including three major tour and travel agency groups in Indonesia.

Strengths

Provided by Chambers

HBT was very well organised in providing feedback to us during the process from the beginning. They were also experienced and worked professionally.
Corporate/M&A respondentAsia-Pacific

Notable Practitioners

Provided by Chambers

Band 1
Band 1
David Dawborn
David Dawborn is a highly regarded foreign legal consultant with extensive experience in corporate law matters in Indonesia. He regularly advises on high value cross-border transactions.
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Band 1
Band 1
Vik Tang
Vik Tang is rated highly for his transactional experience in Indonesia as a foreign legal consultant. His practice covers M&A in a range of sectors, including technology and financial services.
His commercial vision shows in his advice.
Corporate/M&A respondentAsia-Pacific
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Band 2
Band 2
Cellia Cotan Cognard
Cellia Cotan Cognard is a foreign legal consultant in Jakarta who handles M&A transactions across a range of industry sectors, including TMT.
Celia is very good. She's an expert who is business and solution-oriented.
Corporate/M&A respondentAsia-Pacific
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Band 2
Band 2
Michelle Virgiany
Michelle Virgiany is a senior international counsel at Herbert Smith Freehills, on a long-term secondment to Hiswara Bunjamin & Tandjung. Her practice spans M&A in the financial services and technology sectors.
Michelle offers great client service and is very knowledgeable and responsive.
Corporate/M&A respondentAsia-Pacific
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Band 3
Band 3
Sakurayuki .
Sakurayuki advises clients on the legal aspects of company and asset acquisitions in Indonesia, with notable activity in the TMT sector.
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Up and Coming
Up and Coming
Abimata Putra
Abimata Putra handles cross-border M&A transactions, particularly in regulated sectors such as financial services, healthcare and insurance. His client roster includes corporations, banks as well as private equity and investment firms.
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Up and Coming
Up and Coming
Stephanie .
Stephanie is recognised for her experience in advising cross-border M&A and corporate transactions. Her expertise is often sought after by clients in the healthcare sector.
Stephanie is diligent, user-friendly and a good communicator.
Corporate/M&A respondentAsia-Pacific
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Associates to watch
Associates to watch
Tengku Almira Adlinisa
Tengku Almira Adlinisa is a managing associate who often assists with transactions in a broad range of sectors including banking, insurance and real estate.
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