PT Capitalinc Investment Tbk (JKSE:MTFN) signed a conditional sales and purchase agreement to acquire Owen Holdings Limited for approximately $230 million in cash on January 30, 2014. Capitalinc Investment will use $210 million out of proceeds from a proposed rights issue to finance the acquisition. Owen Holdings reported total assets of $97.97 million and total liabilities and equity of $97.97 million as at September 30, 2013.

The transaction is subject to full approval from Capitalinc Investment and sellers, satisfying result of due diligence on Owen by Capitalinc Investment, completion of due diligence on Offshore North West Java (ONWJ) block, completion of valuation on ONJW block, approval from shareholders of Capitalinc Investment on public offering of rights issue and completion of public offering. Hadiputranto, Hadinoto & Partners acted as legal advisor and KJPP Jennywati, Kustanto & Rekan provided fairness opinion on the transaction.