Corporate M and A 2026

INDONESIA Trends and Developments Contributed by: Marshall Situmorang, Audria Putri, Fatya Alesi and Irfan Yusuf, Nusantara Legal Partnership

• the combined Indonesian asset value exceeds IDR2.5 trillion, or IDR20 trillion for business actors in the banking sector; or • the combined Indonesian sales value exceeds IDR5 trillion. The asset or sales value is calculated based on the total assets and/or sales value of the parties in Indonesia at the group level. The term “group level” includes the parent, subsidiary and sister companies of the acquirer and the acquired company. As such, it covers all companies within the same corporate group that are directly or indirectly controlled by the same ultimate parent company. Only assets and sales within Indonesia may be taken into account for this calcula - tion. For healthcare investors, this competition law overlay is worth flagging early because clinic acquisitions are often pursued as part of a broader healthcare platform strategy. Even where the target clinic itself appears relatively small, the combined position of the investor group in Indonesia may still be relevant for threshold analysis. D. Co-operation between First-Class Clinics and the Social Security Agency for Health (Badan Penyelenggara Jaminan Sosial Kesehatan, or BPJS Health) In providing healthcare services, a First-Class Clinic may co-operate with BPJS Health in connection with the national health insurance programme. Before entering into co-operation with BPJS Health, a First- Class Clinic is required, under Article 7 of Minister of Health Regulation No. 71 of 2013 on Healthcare Services under the National Health Insurance Pro - gramme, as lastly amended by Minister of Health Regulation No. 7 of 2021 (“MoH Reg. 71/2013”), to provide the following administrative documents: • business licence; • practice licences of the medical personnel actively working at the clinic; • Tax Identification Number; • co-operation agreements entered into between the First-Class Clinic and any laboratory, radiology facility or other network facilities, if any; and

• a statement of willingness to comply with the provisions relating to the National Health Insurance Programme. After fulfilling the administrative requirements, a First- Class Clinic, as a healthcare facility, may, pursuant to Article 4 paragraph (2) of MoH Reg. 71/2013, enter into a co-operation agreement with BPJS Health. The co-operation agreement is valid for at least one year and may be extended based on the mutual agree - ment of the parties. Under such co-operation, BPJS Health will pay the First-Class Clinic for healthcare services provided to covered patients. The amount of payment is determined in accordance with the agree - ment between BPJS Health and the association of healthcare facilities in the region where the First-Class Clinic is located, as well as the tariff standards stipu - lated by the Ministry of Health. As a commercial matter, co-operation with BPJS Health may provide access to a broader patient base and recurring service volumes. At the same time, it may also require closer operational discipline in rela - tion to staffing, referrals, service scope, quality con - trol, and compliance with the rules of the national health insurance system. E. Recent regulatory and market developments in private clinic investment in Indonesia 1. A more structured but more closely supervised regulatory environment Although the government has introduced a new risk- based licensing regime under GR 28/2025 and MoH Reg. 11/2025 to make licensing more structured and to support business activity, the regulatory environ - ment is also becoming more disciplined from a com - pliance perspective. Businesses should therefore pay close attention to compliance matters before estab - lishing or acquiring a clinic, particularly in relation to licensing, service scope, medical personnel, and the consistency between the clinic’s actual operations and the approvals reflected in the OSS and health - care systems. This is particularly relevant because MoH Reg. 11/2025 links licensing and supervision more directly than before. The regulation contemplates routine field supervision for medium to high-risk healthcare busi -

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