MUFG Bank, Ltd., Bank of Ayudhya Public Company Limited, PT Adira Dinamika Multi Finance Tbk and a Local Indonesian investor completed the acquisition of a 100% stake in HC Consumer Finance Philippines, Inc. and an 85% stake in PT Home Credit Indonesia from Home Credit Group B.V., Home Credit Indonesia B.V. and Wanda Ariestiani Evans.
October 02, 2023
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MUFG Bank, Ltd., Bank of Ayudhya Public Company Limited (SET:BAY), PT Adira Dinamika Multi Finance Tbk (IDX:ADMF) and a Local Indonesian investor signed of an agreement to acquire a 100% stake in HC Consumer Finance Philippines, Inc. and an 85% stake of PT Home Credit Indonesia from Home Credit Group B.V., Home Credit Indonesia B.V. and Wanda Ariestiani Evans for approximately ?596 million on November 24, 2022. Krungsri and MUFG Bank to purchase 75% and 25% respectively of Home Credit Philippines for a valuation of ?406 million. Krungsri, Adira and a local Indonesian investor to purchase 75%, 10%, and 15%, respectively of Home Credit Indonesia for a valuation of ?209 million. The final consideration is subject to one-to-one adjustment based on the equity book value at closing of the transaction. The acquisition is expected to be completed in H2 2023, subject to Krungsri shareholder and from the relevant regulatory authorities. As on November 24, 2022, Bank of Ayudhya Public Company Limited Board of Directors approve the deal. As of May 31, 2023, Krungsri and MUFG Bank completed the acquisition of 75% and 25% respectively of the Home Credit Philippines business for a valuation of ?406 million. As previously announced in November 2022, Home Credit Group B.V. is also involved in the sale of its Indonesian operations to the same consortium. Philippines Competition Commission (PCC) have approved the transaction. The Bank of Thailand, Bank Indonesia and Financial Services Authority (Otoritas Jasa Keuangan) of Indonesia (OJK) have approved the transaction. In addition, Japanese Financial Services Agency (JFSA) considered and acknowledged the details of this transaction. The deal is expected to close in the second half of 2023.
Pavel Rozehnal, Emma Davies, Bryan Koo, Valerie Kong, Zayed Al Jamil, Nicola Hemsley and Edward Page of Clifford Chance LLP acted as legal advisor to Home Credit Group B.V. Suparerk Auychai, Harun Reksodiputro, François Renard, Duc Tran, Filip Van Elsen, Ka Sen Wong and Chris Burkett of Allen & Overy LLP acted as legal advisor to Bank of Ayudhya Public Company Limited (SET:BAY). UBS Securities Japan Co., Ltd. acted as financial advisor to MUFG Bank, Ltd. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial advisor to Home Credit Group B.V.
MUFG Bank, Ltd., Bank of Ayudhya Public Company Limited (SET:BAY), PT Adira Dinamika Multi Finance Tbk (IDX:ADMF) and a Local Indonesian investor completed the acquisition of a 100% stake in HC Consumer Finance Philippines, Inc. and an 85% stake in PT Home Credit Indonesia from Home Credit Group B.V., Home Credit Indonesia B.V. and Wanda Ariestiani Evans on October 3, 2023.
PT Adira Dinamika Multi Finance Tbk is an Indonesia-based finance company. The Company is engaged in financing and sharia financing, which includes investment financing, working capital financing, multipurpose financing, other financing business activities, operating lease and/or fee-based activities to the extent consistent with legislation in the financial services sector, sell-buy financing and service financing. The Company provides car financing; motorcycle financing; multipurpose financing; and electronic, furniture and gadget financing. It offers the convenience of owning a new and used car on credit from a selection of brands. It offers the convenience of owning a new or used motorbike on credit for a selection of brands, including premium motorbikes. It also offers multipurpose/service loans and credit facilities for motorcycles/ cars. It offers solutions for consumers, with a range of financing products such as electronics, mobile phones, furniture, and household appliances.
MUFG Bank, Ltd., Bank of Ayudhya Public Company Limited, PT Adira Dinamika Multi Finance Tbk and a Local Indonesian investor completed the acquisition of a 100% stake in HC Consumer Finance Philippines, Inc. and an 85% stake in PT Home Credit Indonesia from Home Credit Group B.V., Home Credit Indonesia B.V. and Wanda Ariestiani Evans.