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Back to topHiswara Bunjamin & Tandjung (HBT) and leading international law firm Herbert Smith Freehills have advised the Indonesia Investment Authority (INA) on the successful completion of its investment into two Indonesian toll roads with APG Asset Management (APG) and the Abu Dhabi Investment Authority (ADIA). The deal is worth approximately US$1.4 billion.
“We started work on these toll-road assets over two years ago, assisting INA investing in these toll roads in 2023,” said Matthew Goerke, HBT senior international counsel and Herbert Smith Freehills partner.
“This investment is key to INA's vision of developing sustainable and inclusive infrastructure throughout Indonesia. It's an example of a collaborative strategy between INA, as Indonesia's sovereign wealth fund, and global investors.”
INA (together with ADIA and APG) have significant expansion and development plans and are looking at a number of potential toll road acquisitions.
The deal is the fourth completed M&A toll road transaction for INA, alongside its investment in the same Bakauheni-Terbanggi Besar and Medan-Binjai toll roads in North and South Sumatera last year, and the investment cooperation with Waskita Karya for two sections of the Trans Java Toll Road. It is also the 14th Indonesian toll road transaction on which Herbert Smith Freehills and Hiswara Bunjamin & Tandjung have advised in the last four years.
INA is Indonesia’s sovereign wealth fund, mandated to increase investment to support the country’s sustainable development and build wealth for future generations.
The team advising INA was led by Matthew Goerke and HBT partner Dhani Maulana M Pattinggi, supported by associates Adhitya Nugraha, Fauzi Rohmat, Christina Stephanie Tambunan, Raya Adhani, Laila Regina Francienne, Pandu Saidarka, Neduro Nainggolan and senior finance associate Giovanna Nicky R.
MEDIA CONTACTS
Richard Pedler, Hiswara Bunjamin & Tandjung, Jakarta (T +62 21 3973 6190 M +62 812 9391 3991 E richard.pedler@hbtlaw.com)
Dora Cheok, Herbert Smith Freehills, Singapore (T +65 6868 8011 M +65 9232 521 E dora.cheok@hsf.com)
