The Faculty of Law of Universitas Gadjah Mada (UGM), through the Natural Resources Governance Studies (NRGS), in collaboration with PT Permata Graha Nusantara (PGNMAS), successfully organized a two-day In-House Training on “Merger and Acquisition” on 25–26 May 2026 at the UGM Master of Laws (MIH) Jakarta Campus.
The training formed part of PGNMAS’s efforts to strengthen its internal capacity in understanding merger and acquisition (M&A) processes from a comprehensive perspective, encompassing legal, business, financial, taxation, human resources, operational, and post-transaction integration aspects. The program was attended by 33 participants representing various PGNMAS divisions, including Legal and Corporate Support, Risk Management, Internal Audit, Human Capital and Business Support, Business Strategy, Operations, Engineering and Construction, Project Control and Cost Management, QHSSE, and Finance.
The event was officially opened by Prof. Dr. Heribertus Jaka Triyana, S.H., M.A., LL.M., Vice Dean for Research, Community Service, Cooperation, and Alumni Affairs of the UGM Faculty of Law. In his opening remarks, he expressed appreciation for the collaboration between the UGM Faculty of Law and PGNMAS in delivering a training program that responds to contemporary business needs and evolving corporate strategies. He emphasized that mergers and acquisitions should not be viewed merely as corporate actions but as strategic processes requiring multidisciplinary expertise, including legal analysis, business valuation, risk management, human resource integration, and corporate governance. Accordingly, collaboration between higher education institutions and industry stakeholders is essential in developing human resources capable of adapting to the dynamics of the global business environment.
On the first day, Monday (25 May 2026), the opening sessions were delivered by Prof. Dr. Sulistiowati, S.H., M.Hum., Professor of Business Law at the UGM Faculty of Law. In the first session, she presented “Introduction to and Strategic Framework of M&A,” discussing the definitions of mergers and acquisitions, the rationale behind M&A transactions, corporate growth strategies, and an overview of the M&A transaction process. In the second session, she continued with “M&A Strategies and Transaction Stages,” covering target company identification, stages of M&A transactions, an introduction to due diligence, and strategic considerations in determining transaction structures. The subsequent sessions were delivered by Muhtar Ali, S.H., LL.M., MCIArb., Founding Partner of Muhtar Halim & Partners Law Office. During the third session, he discussed “Legal Due Diligence and Legal Risks” in M&A transactions, including the examination of corporate documents, contractual arrangements, licensing issues, identification of legal red flags, and legal risk mitigation strategies. The fourth session focused on “The Implications of M&A on Contracts,” addressing change-of-control clauses, assignment provisions, contract renegotiation, policy integration, and legal compliance during post-transaction integration.
On the second day, Tuesday (26 May 2026), Muhtar Ali continued the training with the fifth session on “Risk Management, Human Resources, and Organizational Integration.” This session examined strategic issues frequently encountered during M&A transactions, including transfer of employment, harmonization of human capital policies, employment-related risks, communication strategies, and organizational culture integration. In the sixth session, he delivered “Operational Aspects, Projects, and M&A Case Studies,” emphasizing operational transition strategies and cross-functional implementation in merger and acquisition processes. The training then continued with Prof. Dr. Paripurna P. Sugarda, S.H., LL.M., Professor of Business Law at the UGM Faculty of Law, who presented “Financial, Regulatory, and Governance Aspects of M&A.” Participants gained insights into transaction financing structures, financial risk analysis, tax implications, regulatory and licensing requirements, as well as corporate governance considerations in corporate transactions.
As the concluding session of the training, Budi P. Martokusumo, Partner at KJPP RMPR Martokoesoemo, Pakpahan & Rekan, delivered a presentation on “Corporate Valuation and Feasibility Analysis.” The session covered valuation methodologies, including Discounted Cash Flow (DCF) and Comparable Company Analysis, investment feasibility assessments, and strategic considerations in investment decision-making within the context of mergers and acquisitions.
Throughout the program, participants engaged actively through lectures, group discussions, case studies, practical simulations, and interactive question-and-answer sessions with the speakers. Contemporary corporate case studies were incorporated into the training to ensure that participants gained not only theoretical knowledge but also practical insights into addressing potential corporate actions within their organizations.
The implementation of the In-House Training on “Merger and Acquisition” reflects the commitment of the UGM Faculty of Law, through NRGS, and PGNMAS to fostering the development of highly competent, adaptive, and strategically minded professionals capable of navigating the evolving landscape of business and corporate law. The initiative also contributes to the achievement of the Sustainable Development Goals (SDGs), particularly SDG 4 (Quality Education) and SDG 16 (Peace, Justice and Strong Institutions), through the strengthening of legal capacity and sustainable corporate governance practices.
Author: Sahira Sajjadia Luthfia (NRGS)
