Will Merger of PT Angkasa Pura I and PT Angkasa Pura II Maximise The Value of Shareholders?

The government’s program of restructuring state-owned enterprises continues to this day. From 2016 to March 2022, the number of SOE continuously decrease. In March 2022, the number of SOEs only 41 companies. The number of SOEs has reduced by 52.87% from the previous year. The plan will continue in 2023 by cutting 41 companies to 30 companies and operating in 12 clusters. PT Angkasa Pura I and PT Angkasa Pura II are the following plans for restructuring state-owned enterprises. The merger of the two companies is expected to provide synergy opportunities in operational efficiency. The results showed synergy between PT Angkasa Pura I and PT Angkasa Pura II. Based on calculations using the Discounted Cash Flow (DCF) method, the company value of PT Angkasa Pura I is IDR 4,169,267 and the company value of PT Angkasa Pura II is IDR 9,784,469 with a total combined company value of IDR 13,953,736. While the value of the two companies when synergizing is IDR 25,051,653. The synergy value obtained for both companies is IDR 11,097,917.

By determining the premium value of 40% – 60%, the premium value reaches IDR 1,667,707 – IDR 2,501,560. Therefore, within this premium value range, the purchase price is IDR 5,836,974 – IDR 6,670,827. The merger between PT Angkasa Pura I and PT Angkasa Pura II can potentially maximize shareholder value in the IDR 4,427,090 – IDR 5,260,943 range.

Analysis using Discounted Cash Flow for the two companies proves that there is a synergy resulting from the proposed merger between PT Angkasa Pura I and PT Angkasa Pura II.