TnP Law Firm Advised PT Bakrie & Brothers Tbk (BNBR) in Acquisition of PT Cimanggis Cibitung Tollways and its Acquisition Financing

TnP Law Firm assisted PT Bakrie & Brothers Tbk (BNBR) and its subsidiary, PT Bakrie Toll Indonesia (BTI), in the acquisition of PT Cimanggis Cibitung Tollways (CCT), valued at IDR 3.56 trillion. This transaction responds to a strategic opportunity for BNBR to acquire full control of CCT, the toll road operator of Cimanggis-Cibitung Toll Road.

BTI purchased 72,000,000 shares from PT Sarana Multi Infrastruktur (Persero) (SMI) and PT Waskita Toll Road (WTR) which were previously held by SMI (55%) and WTR (35%), representing 90% of the total issued and fully paid shares of CCT, for an acquisition price of IDR 1 trillion. In addition, BTI assumed the receivables of SMI and WTR to CCT, related to loans provided by CCT’s shareholders, amounting to IDR 2.565 trillion. The primary goal of this transaction is to strengthen BNBR’s position in the national infrastructure sector, aligning with the company’s long-term strategy focused on infrastructure development. TnP also advised BNBR and BTI on the financing stream of the acquisition including a syndicated facility involving several major Indonesian state-owned banks to CCT amounting to around IDR 9,800,000,000,000 to refinance its existing syndicated facility loan.

The Cimanggis-Cibitung Toll Road is part of the Jakarta Outer Ring Road (JORR) 2 network, linking Depok City, Bekasi City, Bogor Regency, and Bekasi Regency. It connects to the Jakarta-Cikampek section of the Trans Java Toll Road, the Jagorawi Toll Road, the Cinere-Jagorawi Toll Road, and will eventually be connected to the South Jakarta-Cikampek 2 Toll Road. This toll road serves as a vital alternative route to reduce congestion on other toll roads, particularly the Jakarta-Cikampek Toll Road. It plays a key role in improving transportation connectivity and efficiency, while also supporting the growth of industrial and economic zones in the Greater Jakarta Area.

The successful execution of this transaction was led by our Partners, Rambun Tjajo, Ken Prasadtyo, and Frans Sihasale, supported Associate Partner, Kevin Yehezkiel, and Associates, Bianka Renzanova Kusuma and Clement Alexander Djuli.