Angelica Ayu Maharani

Angelica Ayu Maharani is a Partner in AHP’s Corporate/M&A practice, with extensive experience advising on mergers, acquisitions, and complex corporate transactions. She has a strong track record in both domestic and cross border M&A, acting for private companies, publicly listed entities, and multinational groups across the full transaction lifecycle.

Angelica regularly advises Indonesian companies on overseas expansion strategies, including outbound investments, joint operations, multi jurisdictional structuring, and commercial partnership models. She also has significant experience advising on collaborative investments between foreign and local investors, particularly in the development and scaling of semi finished material retail and consumer facing businesses.

Her practice encompasses investment structuring and sector specific regulatory frameworks, with a particular focus on the healthcare sector, including hospitals, clinics, pharmacies, and life sciences. Angelica has advised on several landmark transactions, including the establishment of the phase II state-owned hospital holding company and the merger of two major state-owned transportation companies, both forming part of Indonesia’s broader SOE transformation initiatives.

In addition to core M&A work, Angelica is highly experienced in related matters such as foreign direct investment structuring, joint ventures, shareholders’ arrangements, and land and asset transfer issues.

• Acted as legal counsel to PT Indocement Tunggal Prakarsa Tbk in connection with the formation of a strategic joint venture with PT Cipta Mortar Utama, a member of the Saint Gobain Group, to strengthen and expand Indocement’s mortar business in Indonesia.
• Advised PT Pertamina Bina Medika IHC , a leading state-owned hospital holding company, in a strategic partnership transaction with the Indonesia Investment Authority and Swire, a global group with a diversified portfolio, including a focus on healthcare investment.
• Advised on the strategic merger of Perum DAMRI and Perum PPD, two state‑owned land transportation enterprises, as part of the government’s SOE restructuring and sector consolidation initiative.
• Represented one of Malaysia’s healthcare retail company in establishing a joint venture company with Indonesian company.
• Represented the controlling shareholders of state-owned hospitals on the establishment of state-owned hospital holding company.
• Advised private equity sellers on the divestment of their 80% interest in PT Finansia Multi Finance, an Indonesian multi-finance firm, to KB Kookmin Card, the credit card operator of KB Financial Group.
• Acted as the Indonesian counsel to an Indonesian-based web portal start-up company on the restructuring its group companies in relation to the receipt of two tranches of investment, amounting to US$1.2 million and US$83 million.
• Acted as counsel to a Japanese packaging company in its joint venture with an Indonesian packaging and manufacturing company.
• Advised Southgate Ventures Pte Ltd, an educational services provider, on the restructuring of its group structure including its local foundations holding the management of the Singapore School in various cities in Indonesia.
• Acted as counsel to PT Bank CIMB Niaga Tbk (CIMB Niaga) as lender on the approximately US$76 million loan facility to PT Net Mediatama Televisi, which were used for intercompany transfer of assets, purchase of broadcasting equipment, construction and renovation of studios, acquisition of companies and development of programs. We assisted CIMB Niaga on preparation of the loan documentation including security documents and advising on Indonesian law-related matters.