Assegaf Hamzah & Partners (AHP) is pleased to have advised PT Danantara Asset Management (DAM) on a strategically significant and highly complex transaction involving the simultaneous acquisition of controlling stakes PT Mandiri Manajemen Investasi, PT BRI Manajemen Investasi, PT BNI Asset Management, and PT PNM Investment Management, laying the groundwork for the consolidation of asset management companies under DAM.
Our work spanned the full lifecycle of the transaction, from the initial legal analysis and due diligence, through the structuring, drafting and negotiation of the transaction documents, to advising on regulatory requirements, including fit and proper test processes, and post-acquisition integration considerations.
The transaction also involved multiple seller groups across different state-owned financial institution ecosystems, including securities companies ultimately owned by publicly listed state-owned banks, each subject to distinct governance, regulatory and approval requirements. The complexity of the acquisition was further heightened by the need to negotiate transaction documentation with four target groups represented by multiple legal advisers, coordinate numerous stakeholder and approval processes, and achieve substantially simultaneous signing and closing across all acquisitions. In parallel, we advised on the regulatory and corporate governance implications of DAM's proposed role as the new controlling shareholder, as well as the broader consolidation and integration framework contemplated following completion.
The transaction lays the foundation for the integration of the acquired businesses and is expected to enhance governance, scale, and competitiveness within Indonesia's investment management sector.
The transaction was led by Partners Mita Kartohadiprodjo and Putu Suryastuti, supported by Senior Associate Paulanie Wijaya and Associates Rayesha Ikram Hardono, Dara Indirawati Subekti, Shafa Bakadam, Mohamad Ibnu Farabi, Btari Divergensi Maharani, Irfan Yunus, Divka Talulla, Aliifah Nazeeya, and Edmond Wangtri Putra.
This transaction presented a rare combination of M&A, capital markets, regulatory and execution complexity. The simultaneous acquisition of controlling interests in four OJK-regulated investment management companies required the coordination of multiple stakeholders, regulatory processes and approval frameworks, while also establishing the foundation for the integration and consolidation of the acquired businesses. We worked closely with DAM throughout this process and were impressed by the team's strategic clarity, strong execution capabilities and collaborative approach. It was a privilege to support DAM in a transaction that represents an important milestone in the evolution of Indonesia's state-owned investment management industry.
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