HHP Law Firm has acted as lead counsel to PT Indofood CBP Sukses Makmur Tbk (ICBP) on the completion of its strategic acquisition of Pinehill Company Limited, with a total purchase price of close to USD 3 billion from Pinehill Corpora Limited and Steele Lake Limited, a rare, landmark cross-border transaction for an Indonesian company in the food industry. This multijurisdiction deal was a major foreign acquisition for an Indonesian consumer products company in a year that has been roiled by COVID-19. The deal adds 12 production facilities in eight countries to ICBP's global operations, with additional access to the consumer markets of 33 countries -- making it one of the world's largest producers of instant noodles.
HHP Law Firm Senior Partner Iqbal Darmawan led this complex transaction with a team supported by Foreign Legal Consultant Gerrit Jan Kleute, associate partner Elvino Martinus, and associates Putri Anindita Sahari and Armand Maulia Harahap. Min-tze Lean, principal from Baker McKenzie Wong & Leow, assisted with several aspects of the deal involving Singapore law issues. The team also coordinated closely with colleagues from Baker McKenzie member firms in Singapore, Saudi Arabia, Egypt, Morocco and Turkey, as well as other law firms from Ghana, Kenya, Nigeria, Serbia and the British Virgin Islands.
HHP Law Firm assisted ICBP from origination to completion of this deal. This transaction also secured shareholders' approval from First Pacific Company Ltd., ICBP's parent company in Hong Kong, as well as ICBP's shareholders in Indonesia. HHP Law Firm was also involved in ICBP's shareholders meetings (including in communications with regulators), as well as in the negotiation of the sale and purchase agreement and the deal completion process.
ICBP now owns the entire issued share capital of Pinehill Company Limited and controls Pinehill Company Limited's various subsidiaries in the regions of Africa, the Middle East and Southeast Europe, which produce and distribute instant noodles in those regions. This acquisition expands ICBP's reach into this market of approximately 885 million potential customers.