Chandra Asri Pacific to acquire Cycle & Carriage in Singapore and Malaysia

PT Chandra Asri Pacific Tbk (TPIA), an entity owned by Prajogo Pangestu, has signed a Conditional Sales and Purchase Agreement (CSPA) to acquire the automotive business Cycle & Carriage in Singapore and Malaysia.

This strategic acquisition is part of the Chandra Asri Group's regional expansion to build an integrated platform covering energy, infrastructure, and mobility in Southeast Asia. Cycle & Carriage, which has operated in the region since 1899, represents various leading global automotive brands.

The move follows the group's previous expansion in Singapore, such as the acquisition of the Esso-branded retail fuel station network. Chandra Asri Group intends to maintain the existing identity, management, and human resources of Cycle & Carriage. The completion of the transaction remains subject to approval from original equipment manufacturers (OEMs) and other applicable requirements.

Greenhill, an affiliate of Mizuho, served as the exclusive financial advisor, while Mizuho Bank provided financing support for the acquisition.