Indonesia: Medco Energi to acquire Newmont in $2.6b deal

Image of gold ore. Credit: Flickr/James St. John

In one of the largest structured finance deals in southeast Asia this year, PT Medco Energi Internasional Tbk (MEDC) has agreed to acquire a controlling stake in PT Amman Mineral Internasional, which owns 82.2 per cent of copper and gold mine PT Newmont Nusa Tenggara, for a consideration of Rp 34 trillion ($2.6 billion).

The energy company, controlled by Arifin Panigoro, has teamed up with Agus Projosasmito’s AP Investment to purchase the stakes. The duo is being supported by Indonesia’s three largest state-owned banks – Bank Mandiri, BNI, and BRI.

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