Chandra Asri (TPIA) Acquires Cycle & Carriage Automotive Business in Singapore and Malaysia

PT Chandra Asri Pacific Tbk (TPIA) signed a Conditional Sales and Purchase Agreement (CSPA) to acquire the Cycle & Carriage automotive business in Singapore and Malaysia. The transaction has an estimated enterprise value of US$ 207 Juta, marking a regional expansion for the Indonesian company.

Strategic Expansion into Southeast Asian Mobility

The acquisition serves as a milestone in transforming the Chandra Asri Group into a provider of energy, chemical, infrastructure, and mobility solutions in Southeast Asia. Cycle & Carriage has operated in the region since 1899 and represents various global automotive brands across Singapore and Malaysia. Erwin Ciputra, President Director and CEO of Chandra Asri Group, stated via official corporate communications that the transaction reinforces the company’s long-term strategy to build an integrated platform across Southeast Asia.

This transaction follows another regional play by the entity owned by Prajogo Pangestu. Earlier, the group acquired the Esso-branded retail petroleum service station network in Singapore. By adding the Cycle & Carriage dealer network, TPIA expands its participation along the mobility value chain, complementing the group’s existing energy and retail businesses in Singapore.

Financial Architecture and Advisory Mandates

Greenhill, an affiliate of Mizuho, acted as the exclusive financial adviser to the Chandra Asri Group for the transaction. Meanwhile, Mizuho Bank provided the acquisition financing support.

Despite the signing of the CSPA, closing the deal remains subject to requirements. Official disclosures note that the transaction is contingent upon securing approvals from original equipment manufacturers (OEMs) alongside other applicable requirements. Management teams on both sides have emphasized a commitment to preserving existing workforce structures, customer relations, and OEM partnerships.

Preserving Operational Continuity

Chandra Asri leadership has outlined plans to maintain the established management teams and operational capabilities that Cycle & Carriage has cultivated.

Stakeholders now await the final OEM clearance milestones ahead of the formal transaction closing.