IFLR 1000 (2015)
Banking – Tier 2
Capital markets – Tier 1
Energy and infrastructure – Tier 2
Mergers and acquisitions – Tier 1
Project Finance - Tier 2
Restructuring and insolvency – Tier 3
Fikri Assegaf – Banking, Capital Markets, M&A, Project Finance
Bono Daru Adji - – Banking, Capital Markets, M&A
Ibrahim Sjarief Assegaf – Banking, M&A
Eri Hertiawan – Energy and Infrastructure: Disputes
Yanu Wiriasmoko – Financial restructuring
Energy and infrastructure
Assegaf Hamzah & Partners is a full service firm in Jakarta with a strong reputation in a range of practices and specifically capital markets. The firm has worked on several high profile deals in Indonesia, and has further strengthened its position in 2013by entering into a formal alliance with Singaporean firm Rajah & Tann. Until 2010, the firm’s projects work made up part of its financing practice, which earned them an enviable position in the Indonesian legal market when it comes to project financing –especially in relation to infrastructure –deals. Though it was an integral component of the firm’s offerings since its establishment, the projects practice only came into its own four years ago. The firm has been involved on the financing aspects of Indonesia’s first and second 10000MW generating capacity expansion program.
The firm has a history of working with major energy and resources firms including Barito Pacific, Pertamina and Supreme Energy Indonesia, and has represented one of the world’s largest mining and cement producing companies. Managing partner Fikri Assegaf is singled out for capital markets advice in the energy and natural resources areas together with partner Bono Adji. Partner Chandra Hamzah and Eri Hertiawan co-head the firmly established disputes group, which specialises in mining and resources, competition and aviation law.
Hertiawan and his team continue to represent a subsidiary of one of the world’s largest mining companies, Vale Indonesia, while earlier in March 2013, Hertiawan successfully represented oil and gas firm Gita Persada in an appeal to the District Court against the accusation by the competition authority of Gita being guilty of collusive tendering.
Indonesia’s great potential when it comes to hydropower and renewable energy projects are reflected in the work of foreign and domestic law firms. On the financing side, Fikri Assegaf recently advised and represented Star Energy Geothermal on a notes issuance worth $350 million. In a cross-border transaction with Japan, Assegaf has also represented Panca Amara Utama in a $750 million project development deal, advising the Indonesian fertilizer producer on its contract with Japan’s Toyo Engineering Corp in building an ammonia plant in Central Sulawesi. Bono Adji in a capital markets deal for Medco Energi Internasional, Indonesia’s leading private sector oil and gas company, advised on its shelf offering and domestic bonds listing on Indonesia Stock Exchange valued at over $300 million.
Financial and corporate
The firm went into strategic alliance with Singapore-based firm Rajah & Tann in early 2013 widening AHP’s network and reach in Southeast Asia. It has further grown in the market by merging with boutique competition firm Rizkiyana & Iswanto, strengthen its market position in the competition law practice.
Banking and finance
Assegaf Hamzah & Partners’ (AHP) banking group is highly regarded and has garnered clients’ praise. “The team from Assegaf Hamzah & Partners are very adept,” one client says. “They responded to our queries swiftly and were able to arrive with creative solutions during the negotiation process.”
Last year the firm represented Garuda Indonesia (Persero) as the borrower in a multicurrency term loan transaction of around $200 million.
The power sector has been a significant sector for the project’s team who represented Pusri in the negotiation and preparation of the engineering, procurement and construction contract for a new plant in Palembang, South Sumatra; and advised Chandra Asri Petrochemical on its joint venture with Compagnie Financiere Michelin for the development of a synthetic rubber plant in Indonesia.
In the capital markets, the firm continues to be Tier 1. Partners Fikri Assegaf and Bono Adji are known experts in the field. Partner Putu Suryastuti adds to the team in handling overseas debt and equity listings.
The firm has a significant market share when it comes to IPO transactions and has advised the likes of Saratoga Investama Sedaya on its IPO, making it the first ever by an Indonesian private equity firm. Fikri Assegaf and Putu Suryastuti also advised on the IPO of Chandra Asri Petroleum. In the debt space the firm advised the joint lead managers on a sukuk (Islamic bond) issue outside of Indonesia.
The firm is worthy of its Tier 1 ranking as it continues to act on some of the biggest M&A deals in the market. “AHP has done several engagements for us to support our team in managing deals,” says a client in this area. “AHP was quite professional in delivering service to manage and support our various M&A and strategic alliance deals with a moderate complexity in legal framework as we are dealing with prominent global TMT players.”
In the past 18 months, the firm has been involved in two of Indonesia’s largest M&A transactions, including Gallant Venture’s purchase of a majority stake in Indomobil for $780 million, and the XL Axiata acquisition of competitor Axis’entire share capital for $865 million –said to be the biggest deal in Indonesian telecommunication history.
Elsewhere partner Eko Basyuni handled a number of transactions in the telecommunication and media sectors. He receives high praise for his work. “Eko mostly plays a good cop role in his team when dealing with our counterparts,” a client explains. “He has the strongest legal technical capabilities. He is quite experienced in managing TMT deals, both with domestic and international players.”
Restructuring and insolvency
The alliance with Rajah & Tann has been conducive to AHP’s restructuring and insolvency practice, bringing increased workload to the firm. The team worked on some of the larger deals in its jurisdiction and in recent years has been involved in two of the biggest debt restructuring transactions in Indonesia.
Deal examples include Ahmad Maulana advising Multi Nitrotama Kimia (MNK)in challenging IMK’s voluntary bankruptcy petition in front of the Indonesian Commercial Court. Elsewhere Wiriasmoko has also been active advising Perusahaan Pengelolaan Aset (PPA)in the appeal against the master restructuring agreement between PPA and Tuban Chemical Industries.