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Baker McKenzie, together with its member firms Baker McKenzie Wong & Leow in Singapore and HHP Law Firm in Indonesia, has advised Twinwood Family Holdings Limited, part of the Sampoerna Strategic Group (“Sampoerna Group”), on the divestment of its entire 65.721% stake in PT Sampoerna Agro Tbk (“SGRO”), to AGPA Pte. Ltd., a subsidiary of POSCO International Corporation (“POSCO International”; Stock Code: 047050.KS), a Korean conglomerate engaged in trading, energy, steel, and agribusiness.

The deal represents a key milestone in Sampoerna Group’s business transformation, enabling the company to seek new opportunities that are in line with current business needs and market trends. The transaction also marks a new chapter for SGRO as it embarks on the next phase of its growth under POSCO International’s management control.

Indonesia’s palm oil industry accounts for around 60% of total global production, with crude palm oil exports of about 50% of total global exports. SGRO is a leading listed company in Indonesia operating palm plantations across Sumatra and Kalimantan. It also owns a specialized palm seed subsidiary and research institute that together hold the second-largest share in the domestic palm seed market.

The cross-border deal team was led by Principals Theodore Heng (M&A) and Bee Chun Boo (M&A), with the support of Senior Associate Alexa Jiang, Associate Gerald Lim and Trainee Willy Wai in Singapore as well as Partner Daniel Pardede (M&A), Associate Partner Bimo Harimahesa (M&A), Senior Associate Bratara Damanik and Associate Naztasha Cesty (Capital Markets) in Jakarta. 

The core team was further supported by multidisciplinary experts across Singapore, Indonesia, Seoul and Dubai, including: Principals Shih Hui Lee (Tax Advisor) and Emmanuel Chua (Dispute Resolution); Partners Iqbal Darmawan (Capital Markets), Seong Hoon Yi (M&A) and Stephanie Samuell (M&A); Senior Associates Santri Satria and Shawn Joo; and Associates Ernest Low, Sharon Tay, Novrita Nadila Humaira, Devinka Adira, Samuel Evan Hardy, Jose Guardiola and Pricilla Patricia.

With more than 2,700 deal practitioners in over 40 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm has the broadest M&A footprint of any law firm globally, with more than 1,300 locally qualified and globally experienced M&A lawyers. The team excels at advising clients on their most complex, cross-border M&A matters and has advised on more than USD 600 billion in M&A transactions in the last five years (Refinitiv; 2020-2024).