SSEK Legal Consultants has advised Indonesian state-owned oil and gas company Pertamina on the sale of its controlling stake in one subsidiary, Pertagas, to another, Perusahaan Gas Negara (PGN), for $1.2 billion. PGN was counselled by Umbra.

This transaction will result in PGN becoming a sub-holding company under Pertamina and will result in Pertamina fully becoming an oil and gas holding company.

Under the agreement, PGN also acquired Pertagas’ subsidiary, Pertagas Niaga (PTGN), which operates in gas distribution like PGN, according to the Jakarta Post.

The SSEK team was led by founding partner Ira A. Eddymurthy and partner Dewi Savitri Reni.

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