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Cellia Cotan Cognard is a corporate and M&A partner, seconded to Herbert Smith Freehills’ associate Indonesian law firm Hiswara Bunjamin & Tandjung

With more than 13 years of experience in Sydney and Jakarta, Cellia specialises in cross-border public and private M&A, private equity, joint ventures and foreign investment transactions, with a particular focus on the consumer, pharma/healthcare and financial services/fintech sectors.

She is also specialises in data protection laws in Indonesia.

Cellia is ranked as a Rising Star and Next Generation Lawyer for Corporate and M&A in Indonesia (Legal 500 Asia Pacific 2018-2022).


Cellia is trilingual (Indonesian, French and English) and dual qualified as a solicitor in New South Wales (Australia) and advocate (Peradi) in Indonesia.

Experience & expertise

Selected matters

  • Bank Permata in relation to the proposed c. USD$3 billion acquisition by Bangkok Bank Public Company Limited of approximately 89.12% in listed Indonesian bank PT Bank Permata Tbk from PT Astra International Tbk and Standard Chartered Bank
  • LinkAja, the Indonesian state-backed digital payment platform, on a strategic investment by Grab and Series B fundraising;
  • Docta Aspen, Australian healthcare providers, on the proposed US$1 billion healthcare project to build hospitals and provide supporting healthcare services to West Java Province and joint venture with Indonesian state-owned enterprise PT Jasa Sarana; 
  • Dyson, British technology company which manufactures household appliances, in relation to the Indonesian regulatory framework applying to the distribution of medical equipment in Indonesia;
  • Temasek on its US$4.56 billion 3-step divestment of a 73.8% stake in an Indonesian listed bank, Bank Danamon, to MUFG Bank, Ltd
  • KKR on its acquisition of Unilever’s margarine and spreads business in Indonesia as part of the US$8 billion global acquisition of Unilever’s margarine and spreads business, and subsequent establishment of Upfield group subsidiaries in Indonesia
  • General Atlantic on its first investment in Indonesia (US$145 million) in the food and beverage division of publicly listed Mitra Adiperkasa, Indonesia’s leading retailer and food and beverage operator
  • CVC Capital Partners on its US$125 million pre-IPO bond and option investment in the sports related retail business of Jakarta listed Mitra Adiperkasa, one of Indonesia’s largest consumer retail business
  • The Carlyle Group on its incorporation in and initial investment into Indonesia and general regulatory compliance with Indonesian laws
  • GIC on its forward purchase of Capital Place, an office tower in Jakarta developed by the Rajawali group. This is a landmark real estate transaction in Indonesia, as it was the first forward purchase of an entire office tower by a foreign investor in Indonesia (where the foreign investor takes on part of the development risks of a built-to-suit development)
  •, a Chinese e-commerce giant, and Singapore's Provident Capital Partners as lead investors in the US$2 billion Series F investment funding round in GO-JEK, Indonesia's first unicorn company, specialising in ride-hailing and logistics
  • Mars, adidas and Zalora on legal and regulatory aspects of their respective business operations in Indonesia, and on general regulatory compliance issues