PT Tolan Tiga Indonesia entered into a conditional agreement to acquire 47.71% stake in P.T. Agro Muko from M.P. Evans & Co. Limited and PT Austindo Nusantara Jaya Tbk (JKSE:ANJT) for approximately $140 million on December 6, 2016. As per the terms of the agreement, M.P. Evans & Co. Limited will sell 36.84% and PT Austindo Nusantara Jaya Tbk will sell 10.87% stake in P.T. Agro Muko. Post acquisition, PT Austindo Nusantara Jaya Tbk will continue to own 5% stake in P.T. Agro Muko. The acquisition will initially be financed by a bridge facility. The transaction is conditional on some statutory Indonesian approvals. As of December 8, 2016, M.P. Evans & Co announced that the general meeting of shareholders will be convened on December 23, 2016, to approve the transaction. As on December 23, 2016, the shareholders of M.P. Evans approved the transaction. The proceeds of the sale will be reinvested into a directly managed, majority-owned investment in a new, developed or partially-developed oil-palm project. As of February 15, 2017, PT Austindo Nusantara Jaya Tbk completed the sale of 10.87% in P.T. Agro Muko for $44.3 million. Dan Webster and Adrian Trimmings of Peel Hunt LLP and N M Rothschild & Sons Limited acted as financial advisors to M.P. Evans & Co. Limited. Charlie Jack and Bertie Berger of Hudson Sandler acted as PR advisor to M.P. Evans & Co. Limited. Richard Ufland, Hannah Wilson and Sid Sethi of Hogan Lovells acted as legal advisors to M.P. Evans & Co. Limited