Compagnie Générale des Établissements Michelin (ENXTPA:ML) entered into an agreement to acquire 80% stake in PT Multistrada Arah Sarana Tbk (IDX:MASA) for approximately $440 million on January 22, 2019. The consideration is subject to certain closing adjustments. In addition, through the transaction, Michelin will acquire a 20% stake in the retailer PT Penta Artha Impressi in partnership with Indomobil and private investors. In a related transaction Michelin will subsequently launch a public offer for the remaining outstanding shares of PT Multistrada Arah Sarana Tbk. The acquisition will be funded from internal financial resources of Michelin. The acquisition is subject to the closing condition, including regulatory approval and is expected to close at the end of 1st quarter of 2019.

BNP Paribas SA (ENXTPA:BNP) and Lazard Frères Banque SA acted as financial advisors to Compagnie Générale des Etablissements Michelin. Eric Douheret, Benjamin Tixier, Bertille Crichton-Nioche and Etienne Berthet, Fabien Radisic, Delphine Levy, and Annabelle Woerth of PwC Société d'Avocats acted as legal advisors to Compagnie Générale des Établissements Michelin.

Compagnie Générale des Établissements Michelin (ENXTPA:ML) completed the acquisition of 88% stake in PT Multistrada Arah Sarana Tbk (IDX:MASA) for $480 million on March 8, 2019. All necessary approval has been approved. Norton Rose Fulbright acted as legal advisor for Compagnie Générale des Établissements Michelin. Armand Yapsunto Muharamsyah and Partners acted as legal advisor for selling shareholders.