Hiswara Bunjamin & Tandjung (HBT) has advised Bank Permata on its equity acquisition by Bangkok Bank. A total of 44.56% of shares, valued at $2.3 billion, was sold by Standard Chartered Bank and Astra International, both represented by Hadiputranto Hadinoto & Partners (HHP).

The deal was originally announced in December 2019, but was postponed due to the delay obtainment of regulatory approval affected by COVID-19. It was successfully closed on 20 May.

The HBT team was jointly led by partners Viska Kharisma and David Dawborn, Herbert Smith Freehills’ long-term senior international counsel in Indonesia. They were assisted by lead corporate international of counsel Cellia Cognard.

Finance partner Erwandi Hendarta led the HHP team and was supported by Mahardikha Sardjana, Iqbal Darmawan and Eddie Dewanda.