Indonesia CBP Sukses Makmur (ICBP) has signed a conditional sale and purchase agreement (CSPA) with Pinehill Corpora Limited and Steele Lake Limited for acquiring Pinehill at the price of US$1.53 billion, equivalent Rp22.62 trillion. The deal is also for acquiring Steele Lake Limited for US$1.47 billion, equivalent Rp21.72 trillion. The combined acquisition value was US$2.99 billion, equivalent Rp44.33 trillion. Indofood CBP said the acquisition would be mostly funded by loans, while internal cash would only fund US$300 million, equivalent Rp4.43 trillion.
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