ACQUISITION STRATEGY REVIEW DURING THE COVID-19 PANDEMIC (CASE STUDY: OF PT SARANA MENARA NUSANTARA TBK'S (TOWR))

Bambang Gusmanto; Matius Perangin Angin; Dana Handika Dwi Saputra; Hardiansyah Hardiansyah

Authors

Bambang Gusmanto
Matius Perangin Angin
Dana Handika Dwi Saputra
Hardiansyah Hardiansyah Universitas Paramadina

Keywords:

Acquisition, SWOT Analysis, Telecommunication

Abstract

This study aims to analyze the effectiveness of PT Sarana Menara Nusantara Tbk's (TOWR) acquisition strategy for PT Solusi Tunas Pratama Tbk (SUPR) in the context of the COVID-19 pandemic. The pandemic has had a significant impact on the telecommunications sector, increasing public demand for better digital communication services, but also presenting challenges in the form of uneven infrastructure. The study employs a qualitative approach, incorporating a literature review and a SWOT analysis, to assess the internal and external factors influencing acquisition decisions and their impact on company competitiveness. The results show that the acquisition strategy succeeded in significantly increasing infrastructure capacity, with the number of TOWR telecommunications towers expanding from 21,575 to approximately 28,000 units, and share ownership reaching 99.96%. Key factors for the success of this acquisition include a strong market position, financial stability, competent human resources, and external opportunities such as increasing demand for digital services and government policies. However, the study also identified strategic risks that require attention, such as high transaction costs and the complexity of operational integration. This study recommends that companies conduct in-depth analysis before the acquisition process and implement comprehensive risk management. Theoretically, this research contributes to the understanding of the effectiveness of acquisition strategies in pandemic crises

References

R. Adawiyah and F. Adhitya, “Restructuring MSMEs Businesses Through the Use of Digital Marketing as a Reflection on the Economic Impact of the Covid-19 Pandemic,” J. Digit. Mark. Halal Ind., vol. 3, no. 2, pp. 133–148, 2021, doi: 10.21580/jdmhi.2021.3.2.8440.

Y. Li et al., “Internet Addiction Increases in the General Population During COVID‐19: Evidence From China,” Am. J. Addict., vol. 30, no. 4, pp. 389–397, 2021, doi: 10.1111/ajad.13156.

F. Ge et al., “Experiences and Challenges of Emerging Online Health Services Combating COVID-19 in China: Retrospective, Cross-Sectional Study of Internet Hospitals,” Jmir Med. Informatics, vol. 10, no. 6, p. e37042, 2022, doi: 10.2196/37042.

M. Mulyono, “Pandemic Covid-19 Impact on Technology and Telecommunication Industry: Evidence From Indonesia Listed Company,” E3s Web Conf., vol. 388, p. 3034, 2023, doi: 10.1051/e3sconf/202338803034.

C. N. V Krishnan and J. Wu, “Market Misreaction? Evidence From Cross-Border Acquisitions,” J. Risk Financ. Manag., vol. 15, no. 2, p. 93, 2022, doi: 10.3390/jrfm15020093.

N. A. Ochuba, D. O. Olutimehin, O. G. Odunaiya, and O. T. Soyombo, “A Comprehensive Review of Strategic Management Practices in Satellite Telecommunications, Highlighting the Role of Data Analytics in Driving Operational Efficiency and Competitive Advantage,” World J. Adv. Eng. Technol. Sci., vol. 11, no. 2, pp. 201–211, 2024, doi: 10.30574/wjaets.2024.11.2.0099.

F. Rangkuti, Analisis Swot Teknik Membedah Kasus Bisnis. Gramedia Pustaka Utama, 1998. [Online]. Available: https://books.google.co.id/books?id=UHV8Z2SE57EC

L. Hasimu and D. S. Soegoto, “Business Strategy of Fisherman’s Equipment in Wakatobi District,” 2020, doi: 10.2991/aebmr.k.200108.002.

A. H. Ahmad and M. A. M. M. Cardicna, “Pengaruh Pertumbuhan, Likuiditas Terhadap Kinerja Merger Dan Akuisisi Dimoderasi Dengan Jenis Perusahaan Target,” J. Manaj. Dan Bisnis Indones., vol. 6, no. 2, pp. 183–190, 2021, doi: 10.32528/jmbi.v6i2.4085.

A. Santoso and Y. Utami, “Analisis Perbedaan Akuisisi Terhadap Return Saham Dan Volume Perdagangan,” vol. 1, no. 1, pp. 9–16, 2020, doi: 10.24905/konsentrasi.v1i1.5.

S. P. Rahmawati, A. M. Putri, H. Tsabit, N. H. Hoeriah, K. Ajibroto, and L. Ismawati, “Strategi Mengembangkan Perusahaan Melalui Merger Dan Akuisisi,” J. Ekon. Bisnis Dan Manaj., vol. 2, no. 1, pp. 116–123, 2023, doi: 10.58268/eb.v2i1.25.

S. Sihabudin, R. Fauji, and E. N. Ramadan, “ANALISIS PERBANADINGAN KINERJA KEUANGAN SEBELUM DAN SESUDAH MERGER ATAU AKUISISI PADA PERUSAHAAN YANG TERDAFTAR DI BEI (Studi Empiris Pada Perusahaan Yang Melakukan Merger Atau Akuisisi Tahun 2017-2018),” Buana Ilmu, vol. 7, no. 2, pp. 238–251, 2023, doi: 10.36805/bi.v7i2.5482.

I. Daylami and N. Huda, “Implikasi Merger Dan Akuisisi Terhadap Upaya Peningkatan Kinerja Finansial Perusahaan,” Cakrawala Repos. Imwi, vol. 8, no. 1, pp. 1452–1460, 2025, doi: 10.52851/cakrawala.v8i1.763.

Y. F. Andriani and R. Selfeny, “Restrukturisasi Perusahaan Dalam Konteks Akuisisi: Implikasi Hukum Dan Strategi Bisnis Di Indonesia,” vol. 4, no. 1, pp. 63–79, 2024, doi: 10.35586/jhs.v4i1.10000.

S. E. Yogantara and T. Faturohman, “Penilaian Untuk Akuisisi Rumah Sakit: Evaluasi Kelayakan Finansial Di Sektor Kesehatan,” J. Mirai Manag., vol. 9, no. 2, p. 106, 2024, doi: 10.37531/mirai.v9i2.7145.

K. Umam and S. Murwanti, “Analisis Perbandingan Kinerja Keuangan Bank Sebelum Dan Sesudah Akuisisi Pada Pt. Bca Digital,” J. Ilm. Manaj. Ekon. Akunt., vol. 8, no. 2, pp. 1257–1268, 2024, doi: 10.31955/mea.v8i2.4151.

P. Dwiawani, Analisis determinan yang mempengaruhi pembiayaan murabahah pada bank umum syariah di indonesia. dspace.uii.ac.id, 2021. [Online]. Available: https://dspace.uii.ac.id/handle/123456789/30055

F. Devina, T. Raharjo, O. W. Nabasya, and D. Hendry, “Analisis Requirement Engineering Pada Integrasi Pasca-Merger Sistem Biller Message Switching Dan Aggregator,” J. Teknol. Dan Sist. Inf. Bisnis, vol. 6, no. 1, pp. 135–143, 2024, doi: 10.47233/jteksis.v6i1.1119.

J. Ismail and S. Ningsih, “Nilai Piutang Dan Pembiayaan Tiga Bank Syariah Di Indonesia Sebelum Dan Sesudah Merger,” J. Akunt. Keuang. Dan Bisnis, vol. 16, no. 2, pp. 324–333, 2023, doi: 10.35143/jakb.v16i2.5994.

I. Wulandari, Z. Rifai, R. A. Yulia, and E. K. Panggiarti, “Upaya Aksi Merger, Akuisisi, Dan Konsolidasi Untuk Menanggulangi Financial Distress,” Akunt. 45, vol. 4, no. 1, pp. 79–84, 2023, doi: 10.30640/akuntansi45.v4i1.747.

I. K. R. Irawan and I. R. Candraningrat, “Analisis Reaksi Pasar Sebelum Dan Sesudah Pengumuman Akuisisi Di Bursa Efek Indonesia (Bei),” E-Jurnal Manaj. Univ. Udayana, vol. 9, no. 2, p. 699, 2020, doi: 10.24843/ejmunud.2020.v09.i02.p15.

S. N. Habibah and N. Nurdin, “Analisis Komparasi Kinerja Keuangan Sebelum Dan Sesudah Merger Dan Akuisisi,” Bandung Conf. Ser. Bus. Manag., vol. 4, no. 1, pp. 672–680, 2024, doi: 10.29313/bcsbm.v4i1.11704.

D. T. H. Manurung and K. V. Subekti, “Pengaruh Pandemi Covid-19 Terhadap Kinerja Harga Saham Telekomunikasi Yang Tercatat Di Bursa Efek Indonesia,” J. Akunt. Manajerial (Managerial Account. Journal), vol. 6, no. 1, pp. 18–29, 2021, doi: 10.52447/jam.v6i1.4591.

A. R. Jannah, S. Luayyi, and P. Noermaning, “Kinerja Keuangan Perusahaan Telekomunikasi Pada Saat Pandemi Covid 19 Dan Saat Pemulihan Pasca Pandemi Covid 19,” vol. 1, no. 2, pp. 113–125, 2023, doi: 10.59407/jakpt.v1i2.208.

S. Santoso, F. Qalbia, and B. Benardi, “Dampak Pandemi Covid 19 Terhadap Kinerja Keuangan Bank Umum Di Indonesia,” Asset J. Manaj. Dan Bisnis, vol. 6, no. 1, 2023, doi: 10.24269/asset.v6i1.7133.

R. Setiawan and A. Miftahurrohmah, “UKURAN PERUSAHAAN, LEVERAGE, CASH HOLDING DAN KINERJA MERGER &Amp; AKUISISI,” J. Ekbis, vol. 22, no. 2, p. 204, 2021, doi: 10.30736/je.v22i2.843.

I. M. Putri et al., “Analisis Pengaruh Penerapan Strategi Merger Dan Akuisisi Pada Bank BCA Dan BSI Terhadap Kinerja Perusahaan,” Jimf (Jurnal Ilm. Manaj. Forkamma), vol. 7, no. 1, p. 26, 2023, doi: 10.32493/frkm.v7i1.35750.

F. A. Putri, “Pengaruh Human Capital Terhadap Durasi Menganggur Pada Pekerja Yang Terkena PHK Akibat Pandemi Covid-19,” Semin. Nas. Off. Stat., vol. 2021, no. 1, pp. 613–620, 2021, doi: 10.34123/semnasoffstat.v2021i1.981.