Gerard Hekker

Jaya Malhotra

SINGAPORE, 12 February 2020 – Duane Morris & Selvam LLP advised PT Profesional Telekomunikasi Indonesia (Protelindo) on its sale and leaseback acquisition of 1,000 telecommunication towers from PT Indosat Tbk for IDR1.95 trillion, or approximately US$142 million.

Protelindo, the largest independent tower company in Indonesia, is a subsidiary of PT Sarana Menara Nusantara Tbk, which is listed on the Indonesian Stock Exchange (IDX) under the ticker “TOWR”. Indosat is a leading mobile telecommunications provider in Indonesia.

The acquisition was completed on 29 November 2019 and included a 10-year master lease agreement for Indosat’s anchor tenancies on the towers, as well as an innovative take-or-pay arrangement that is expected to increase Indosat tenancies across Protelindo’s entire tower portfolio.

The Duane Morris team was led by Gerard Hekker, partner in Duane Morris LLP and director at Duane Morris & Selvam LLP ,whose practice focuses on M&A and capital markets work in the telecoms, finance and resource industries, and included associate Jaya Malhotra at Duane Morris & Selvam LLP.

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About Duane Morris & Selvam LLP

Duane Morris & Selvam LLP is the joint law venture consisting of international law firm Duane Morris LLP and Singapore-based Selvam LLC, with headquarters in Singapore. It serves clients throughout Asia, as well as companies based in the Americas and Europe that are conducting business in Asia and Asian entities and individuals doing business in the Americas and the United Kingdom.