Skip to main content

Clifford Chance

Clifford Chance

News and awards

Clifford Chance advises CVC on CVC Funds’ acquisition of a minority stake in Samator Indo Gas in Indonesia

24 March 2023

Clifford Chance advises CVC on CVC Funds’ acquisition of a minority stake in Samator Indo Gas in Indonesia

Clifford Chance has advised leading global private equity firm CVC Capital Partners (CVC) on the international aspects of CVC Funds’ minority investment in PT Samator Indo Gas Tbk (SIG). SIG (previously known as PT Aneka Gas Industri Tbk) is Indonesia’s largest and leading industrial and medical gas company. The Harsono family will continue to hold a majority stake in and retain control of SIG.

SIG (previously known as PT Aneka Gas Industri Tbk) is Indonesia’s largest and leading industrial and medical gas company. The Harsono family will continue to hold a majority stake in and retain control of SIG.

The strategic partnership with CVC is expected to strengthen SIG's leading position as an industrial and medical gas manufacturer and provider. SIG has several expansion plans in the near future, including the upcoming new plant in Kawasan Industri Terpadu Batang (KITB), Central Java, Indonesia. SIG had previously announced its first customer in KITB, KCC Glass Corporation, which will build one of the largest glass factories in Southeast Asia. SIG further intends to develop its pipeline business to serve tenants in KITB, which is planned to become an area that will support the development of Indonesia’s electric vehicle industry.

The Clifford Chance team was led by partner Tom Lin and associate David Ho, supported by partners Matt Truman (finance) and Richard Blewett (antitrust), consultant Michael Pallaras, counsel Tess Forge, senior associate Stephanie Liman, and associates John Wu and Michelle Li.

Speaking on the transaction Tom said, “We are delighted to again support our longstanding client CVC on a strategic transaction to support the growth of Indonesia’s economy and its industrial gas sector. CVC has had a highly successful track record in Indonesia and South East Asia, and we are happy to be part of the CVC story in the region. We wish CVC, the Harsono family and SIG every success with this partnership."

This transaction builds upon the firm's track record in Indonesia, including advising Home Credit on the sale of its Indonesian and Philippines operations, and PT Japfa Comfeed's sustainability-linked bond, the first by an Indonesian company.