Comprehensive M&A data with integrated detailed company information

Astra Infra teams up with CPPIB for Lintas: Bloomberg
Posted on Friday, 13 September 2019 13:50
Astra Infra wants to acquire the remaining 55.0 per cent not already held in Indonesian toll road operator Lintas Marga Sedaya from Khazanah Nasional’s UEM Group for roughly USD 500.00 million, a source told Bloomberg. If a deal is announced at this price, it would be the fourth-largest targeting an Indonesian company in 2019 to date, according to Zephyr, the M&A database published by Bureau van Dijk. The person close to the situation told the news provider the local infrastructure sector-focused shareholder has teamed up with Canada Pension Plan Investment Board (CPPIB) on the proposal, which may or may not be accepted. Astra Infra, a wholly owned subsidiary of automotive-to-mining conglomerate Astra International, has first right of refusal on the majority stake. Khazanah Nasional holds the investment via the PLUS Expressways International arm of its UEM Group, a Kuala Lumpur-headquartered engineering-based infrastructure company. Lintas is the concession holder of the longest toll road in Indonesia; the 116.75 km route, which is part of the Trans-Java highway, crosses five regencies, namely Purwakarta, Subang, Indramayu, Majalengka and Cirebon. It is also billed as being one of the largest construction projects jointly undertaken by an Indonesian and Malaysian company – at a cost of MYR 4.00 billion (USD 959.11 million based on current exchange rates). Khazanah Nasional’s board is expected to meet to weigh up the offer, which comes as Indonesia works on proposals to spend more than USD 400.00 billion on its infrastructure sector, which includes building new airports and power plants, between 2020 and 2024. Spokespeople for all the companies mentioned in the report declined to comment when contacted by Bloomberg. © Zephus Ltd