Synergy Calculation of PT Perusahaan Gas Negara’s Acquisition Plan toward PT Pertamina Gas

Novi Kusumaningrum, Subiakto Soekarno


Recently, the Ministry of State Owned Enterprises (SOE) is assigned to form six holding companies. The holding companies are expected to increase the efficiency and funding ability of SOE. Prior to the holding companies forming, it is beneficial that the company with same business line should be merged first, to ensure that there will be no overlap of the operational activity. The government planned to merge PT Perusahaan Gas Negara Tbk and PT Pertamina Gas to increase efficiency of national natural gas management. Due to many negative opinions and a lot of disapproval from the stakeholders, the acquisition process is still suspended. According to those facts, the purpose of this research is to propose a recommendation toward the acquisition decision that will be beneficial as the analysis before establishing holding company in energy sector. The author use macro and micro environmental analysis, discounted cash flow valuation, and synergy calculation to determine whether the acquisition is beneficial or not. The financial data in this research are collected from the companies’ annual report from the last 5 years. The result of this research is that there is value of synergy after the acquisition, in the amount of $3,362,411,250. The value of synergy is built on the assumption that there will be operating synergy and financial synergy. The result of this research is the acquisition plan of PT Perusahaan Gas Negara toward PT Pertamina Gas is recommended to be conducted based from the synergy generated.


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