Tumbuan & Partners
Gandaria Tengah III/8
Jakarta Selatan 12130
The Plaza Office Tower 41st Floor
Jl. M. H. Thamrin Kavling 28-30
Phone+6221 2992 1987
Fax+6221 2992 8198
9 Raffles Place
Republic Plaza 1
Joel Hogarth is the coordinator of the Firm's Indonesia practice and acts as consultant to O'Melveny's associate firm in Jakarta, Tumbuan & Partners, as well as maintaining an office in Singapore. Joel focuses primarily on Mergers, Acquisitions, Private Equity and Corporate Finance and also provides practice support for our other practice areas on cross-border transactions involving Indonesia.
Joel is an English and New York qualified lawyer specializing in acquisitions and structured investments into emerging markets. He has represented investment funds, financial institutions and corporate groups on high profile Asian transactions since 2001.
Joel's practice focuses on mergers and acquisitions and private equity with significant experience in special situations finance and restructuring. He employs an extensive knowledge of equity and debt investment techniques, including preference shares, hybrid instruments, convertible debt, mezzanine and high-yield financing to efficiently structure offshore investments into emerging markets.
* Operating in Indonesia solely as a consultant to our associate firm in Jakarta, Tumbuan & Partners, and not in his capacity as a partner of O’Melveny & Myers LLP.
Illustrative Professional Experience
Mergers and Acquisitions
- Represented Honeywell International in connection with the US$338 million acquisition of a majority stake in King’s Safetywear from Navis Capital Partners. The deal was one of the largest multi-jurisdictional acquisitions in South East Asia in 2011, particularly in terms of the scope of geographical coverage. It required Singapore, Indonesian, Australian, Indian, Malaysian, Portuguese, German, Korean and PRC law advice as well as competition filings in Germany and Austria.
- Represented PT Global Mediacom in connection with its sale of a minority stake in PT Media Nusantara Citra Tbk (MNC) to Saban Capital Group, through its affiliate, Indonesia Media Partners LLC. The investment by Saban is arguably the first true PIPE deal by a global private equity fund in Indonesia.
- Represented SGX-listed CWT International in connection with its approximately US$94 million acquisition of 73.81% stake in MRI Trading, a Swiss incorporated base metals trading company with international operations.
- Represented a consortium of investors in connection with the distressed acquisition of PT Mobile-8 Telecom Tbk, an Indonesian-listed mobile telecommunications company.
- Represented the selling shareholders in connection with the divestment by auction of PT Jawamanis Rafinasi, one of Indonesia’s leading white sugar refineries, and Windsor & Brook Trading, a Singapore sugar trading company, to Wilmar International, one of Singapore’s largest companies by market capitalization.
- Represented Goldman Sachs Asia Special Situations Group and Citigroup Special Situations Group in connection with the corporate restructuring of their investments in the Adaro group of operating companies in connection with the US$1.3bn public offering of PT Adaro Energy Tbk, the largest initial public offering in Indonesia to date. This transaction was awarded deal of the year for 2008 by Asian Counsel magazine.
- Represented the selling shareholders in connection with the multiple award winning divestment of PT Bukit Makmur Mandiri Utama (BUMA), a major Indonesian mining contractor. This leveraged buyout involved a concurrent onshore and offshore acquisition, financed by a high-yield bond and syndicated loan, and a simultaneous public and private equity placement.
- High yield bond issuance to finance the construction of a Jakarta serviced apartment and retail complex. Cumulative compulsorily convertible preference share (CCCPS) issuance by an Indian engineering services company.
Other Illustrative Experience
- Venture capital and multi-tranched mezzanine investment into an Indonesian cinema megaplex.
- Structured private equity and mezzanine investment into an Indian business process outsourcing company.
- Sale of a private equity stake in a major Indonesian corporate group.
- Mandatory convertible debenture issuance by an Indian real estate development company.
- Structured private equity and debt financing investments into a number of Indonesian coal concessions.
- Multi-jurisdictional biodiesel joint venture between a Singapore listed company, a Malaysian CPO producer and a Texas energy fund.
- Representation of a sovereign wealth fund in its investment in a major Indonesian leveraged buyout transaction.
- Cumulative compulsorily convertible preference share (CCCPS) issuance by an Indian engineering services company.
- High yield bond issuance to finance the construction of a Jakarta serviced apartment and retail complex.
- Mezzanine investment into a Malaysian delivery services company.
- Leveraged buyout of an Indonesian coal barging operation.
- Distressed investment into a Thai chemicals company.
- Acquisition financing of an Indonesian financial institution.
- Work-out advice on a distressed Philippines power investment.
- Private equity and mezzanine financing of a Singapore-Indonesian undersea cable development.
- IFLR1000 2013, Mergers and Acquisitions (Foreign Firms), Singapore
- Chambers Asia 2013, Corporate/M&A (Foreign Legal Consultants), Indonesia
- Chambers Asia 2013, Corporate/M&A (Experts Based Abroad), Singapore
- Chambers Asia 2012, Corporate/M&A (Foreign Legal Consultants), Indonesia
- Chambers Asia 2012, Corporate/M&A (Experts Based Abroad), Singapore
- IFLR1000 2012, Leading Lawyer in M&A (Foreign Firms), Singapore
- Chambers Asia 2011, Corporate and Commercial (International Firms), Indonesia
- Chambers Asia 2011, Corporate/M&A (International Firms), Singapore
- Chambers Asia 2011, Restructuring and Insolvency (International Firms), Singapore
- Asia Pacific Legal 500 2009, Capital Markets, Indonesia
- IFLR1000 2009, Restructuring, Indonesia
Recent Publications and Speaking Engagements
- Author, Private Equity (Transactions) - Indonesia, Getting the Deal Through, March 2013
- Panelist, Bank of America Merrill Lynch ASEAN Stars Conference, March 2013
- Moderator, Mergers & Acquisitions Structuring Panel, International Financial Law Review Indonesia Forum, October 2012
- Author, Speedier Process for Land Procurement for Infrastructure and Public Projects in Indonesia, O’Melveny & Myers Client Alerts, September 2012
- Author, An Analysis of the New Bank Indonesia Regulation on Shareholding Limitations in Banks, O’Melveny & Myers Client Alerts, July 2012
- Speaker, Raising Private Equity Financing in Indonesia, Asian-Mena Counsel In-House Congress Jakarta, June 2012
- Author, Indonesia - New Export Tariffs on Mineral Ore and Oil Palm Products, O’Melveny & Myers Client Alerts, May 2012
- Author, Update: Ban on Export of Mineral Ores is Lifted - But Not Without Costs, O’Melveny & Myers Client Alerts, May 2012
- Author, Structuring Indonesian High Yield Bond Issuances in 2012, International Financial Law Review, May 2012
- Author, Private Equity (Transaction) - Indonesia, Getting the Deal Through, January 2012
- Author, Bapepam-LK’s New Material Transactions Rules Facilitate High Yield Bond Issuances by Indonesian Listed Companies, O’Melveny & Myers Client Alerts, December 2011
- Author, The New Indonesian Bill on Currency — Important Features and Implications, O’Melveny & Myers Client Alerts, June 2011
- Author, New Bank Indonesia Foreign Debt Reporting Obligations, O’Melveny & Myers Client Alerts, February 2011
- Panelist, Alternative Financing in Emerging Markets, Structuring and Financing Mergers & Acquisitions Conference, July 2010
- Author, Indonesia’s Proposed Mandatory Merger Pre-Notification Regime, International Financial Law Review, May 2010
- Author, Impact of New Indonesian Tax Regulations - The Possible Solutions, International Financial Law Review, March 2010
- Author, The Indonesia Chapter of Juris Publishing practitioners text “Attachment of Assets,” 15th Edition 2009
- Author, New Indonesian Tax Regulations have significant implications for Indonesian Bond Structures, Tax Planning International Review Journal, December 2009
- Speaker, Broadening of Concessions Available for Foreign Investment, Jakarta Coaltrans Conference, October 2009
Clare College Cambridge, MA, 2002
University of Central England, LPC, 2000
Clare College Cambridge, BA, 1999
Solicitor of England and Wales; New York
Speedier Process for Land Procurement for Infrastructure and Public Projects in Indonesia (Indonesia Practice)
An Analysis of the New Bank Indonesia Regulation on Shareholding Limitations in Banks (Indonesia Practice)
Indonesia - New Export Tariffs on Mineral Ore and Oil Palm Products (Indonesia Practice)
Update: Ban on Export of Mineral Ores is Lifted - But Not Without Costs (Indonesia Practice)
Primer on Indonesia Private Equity (Indonesia Practice)
Primer on Indonesia Private Equity (Indonesia Practice)
Draft Bill on Notary Law: No More Notarial Deeds in English Language (Indonesia Practice)
Indonesia Ratifies Double Taxation Treaty with Hong Kong (Indonesia Practice)
Indonesian Mining Industry Reacts to New Decree on Mineral Processing and Refining (Indonesia Practice)
Bapepam-LK’s New Material Transactions Rules Facilitate High Yield Bond Issuances by Indonesian Listed Companies (Indonesia Practice)
The New Indonesian Bill on Currency — Important Features and Implications (Indonesia Practice)
New Bank Indonesia Foreign Debt Reporting Obligations (Indonesia Practice)
Further Clarification on Indonesia’s Mandatory Post-Merger Notification Regime - The KPPU Issues Merger Guidelines (Indonesia Practice)
Derivatives in Indonesia: An Overview of 2010 (Indonesia Practice)
Indonesian Equity Investments
— Selecting a Tax Efficient Holding Jurisdiction (Indonesia Practice)
New Bapepam - LK Rule On Shares with Differing Nominal Values (Indonesia Practice)
2011 Indonesian Coal DMO Issued (Indonesia Practice)
New Regulation Clarifies Rules on Related Party Mining Services Companies (Indonesia Practice)
New Policy on Settlement of Non-Performing Loans by Indonesian State-Owned Banks (Finance and Restructuring, Indonesia Practice)
New Regulation on Mining Supervision (Indonesia Practice)
Merger Control in Indonesia - The New Merger Notification Regulation (Indonesia Practice, Mergers and Acquisitions)
Letter of Credit Requirement for Indonesian Commodities Exports Has Been Revoked (Indonesia Practice Group Alert)
Indonesia: New Foreign Investment Regulations (Indonesia Practice Group Alert)
Indonesia Reissues New Tax Regulations with Clarifications on the Beneficial Ownership Test (Indonesia Practice Group Alert)
New Bank Indonesia Regulations Clarify Notification Requirements for Unrated Borrower (Indonesia Practice Group Alert)
New Forestry Regulation Opens Protected Forest Areas for Mining and Other Strategic Activities (Indonesia Practice Group Alert)
Indonesian Mining Law: New Domestic Market Obligation (DMO) Regulation (Indonesia Practice Group Alert)
New Bapepam Rules on Material Transactions and Conflict of Interest Transactions (Indonesia Practice Group Alert)
Impact of New Indonesian Tax Regulations: Update (Indonesia Practice Group Alert)
New Indonesian Tax Regulations Have Significant Implications for Indonesian Bond Issuance Structures Business Tax (Indonesia Practice Group Alert)
The Indonesian Language Law (No.24/2009): Update on the new law requiring contracts with Indonesian parties to be in the Indonesian language (Indonesia Practice Group Alert)