Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills Kramer

Managing Partner: Tjahjadi Bunjamin

Number of partners & senior international counsel (all based in Jakarta): 18

Number of other fee-earners: 62

International offices: 26 through the firm's formal association with global law firm Herbert Smith Freehills Kramer

Hiswara Bunjamin & Tandjung (HBT) and Herbert Smith Freehills Kramer have one of the closest and longest-standing international associations in the Indonesian legal market, working together to protect the interests of both foreign and local corporations and financial institutions investing and trading in Southeast Asia’s largest economy.

Since HBT was founded in 2000, this affiliation has gone from strength to strength, enabling the firm to provide integrated and seamless services, effectively operating as one firm across the region. Its track record includes advising on some of Indonesia’s most ground-breaking transactions and projects, as well as representing clients in complex disputes, investigations and regulatory matters.

Corporate and M&A

HBT is one of the leading law firms for strategic and complex M&A involving Indonesia, regularly acting 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. Recent highlights including advising:

• shareholders of Smartfren Telecom, majority-owned by Sinar Mas, on the tripartite merger of XL, Smartfren and Smartel to form PT XLSMART Telecom Sejahtera (Winner, Best M&A Deal and Most Innovative Deal, FinanceAsia Achievement Awards 2025)
• Sight Investment Company on the acquisition of shares in PT Siloam International Hospitals Tbk and subsequent voluntary tender offer

Number of partners and senior international counsel: 9

Number of other fee earners: 21

Dispute Resolution

HBT’s dispute resolution practice is recognised for its work with domestic and international clients in the most complex and significant contentious and cross-border matters. The team has market-leading strength in civil litigation, domestic and international arbitration, criminal and corporate investigations, contentious employment, restructuring and insolvency, business competition, and private wealth disputes. Recent highlights including advising:

• a subsidiary of an Indonesian SOE on a successful Singapore-seated arbitration against Philippines conglomerates and ongoing enforcement of an award exceeding US$100 million
• International Court of Arbitration of the International Chamber of Commerce (ICC) in an arbitration award annulment claim at Central Jakarta District Court

Number of partners: 3

Number of other fee earners: 9

Finance

HBT is recognised for its capability in local and cross-border financing and debt restructurings in Indonesia. Representing many of the world’s major financial institutions and corporations, HBT acts on project and structured financings and security structures for Indonesian financings. Recent highlights including advising:

• Siloam International Hospitals on syndication facilities of up to IDR14.5 trillion (~US$885 million) from various banks including BNI, BCA and MUFG (Highly Commended Syndicated Loan, FinanceAsia Achievement Awards 2025)
• Korea Development Bank on a US$300 million facility extended to PT Bank KB Bukopin Tbk to finance its working capital requirements

Number of partners: 2

Number of other fee earners: 12

Capital Markets

HBT represents many of the world’s leading investment banks, representing foreign arrangers and underwriters in Indonesia and handling onshore and offshore components of capital markets offerings. The practice covers the full range of capital markets transactions, including both equity and debt. Recent highlights including advising:

• Yupi Indo Jelly Gum Tbk(Yupi) and Sweets Indonesia(PTSI), as the issuer and selling shareholder, respectively, in Yupi’s IPO, which involved the acquisition of all PTSI’s shares in Yupi by Affinity Equity Partners (Highly Commended IPO, FinanceAsia Achievement Awards 2025)
• HSBC, JP Morgan Securities, Mandiri Securities and MUF G Securities Asia Limited on issuance of US$800 million Regulation S notes by Bank Mandiri

Number of partners: 2

Number of other fee earners: 9

Energy & Resources

HBT has one of the largest dedicated projects and energy teams in Indonesia. With deep relationships with major companies in the energy, resources and infrastructure sectors, the team has worked on the most significant M&A and financing matters in Indonesia, acting on complex mining, natural resources and infrastructure projects. Recent highlights including advising:

• 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
• Sumitomo Metal Mining on its mandatory foreign divestment of a controlling stake in Vale Indonesia, together with Vale Canada and in cooperation with MIND-ID (the Indonesian mining sector SOE)

Number of partners and senior international counsel: 2

Number of other fee earners: 10