Ashurst advised Japanese trading house Mitsui on its acquisition of a minority stake in Global Ecommerce Indonesia (GEI) over a 12-month period.
The deal is part of US$100 million equity financing raised for GEI, led by Mitsui, with participation from undisclosed new and existing investors. Mitsui will purchase a stake of about 10% in GEI.
The new investment allows Mitsui to gain a foothold in Indonesia’s fast-growing e-commerce market, and the funding will go towards stepping up marketing and enhancing systems for MatahariMall, a digital retailing platform run by GEI that went live in September 2015.
Indonesian conglomerate Lippo Group controls GEI and, in addition to the
online platform, runs 150 Matahari department stores in the country.
The joint team from Ashurst and associated Indonesian firm Oentoeng Suria & Partners advised Mitsui as global and Indonesian counsel for the transaction. The team was led by partner Ratih Nawangsari and counsel Edward Bennett, with support from senior associate Ira Rakhmawati.