Latham Advises HPS on Investment in SBTH Asia Holdings Pte. Ltd.

Latham & Watkins has advised HPS Investment, a part of BlackRock, on its investment in SBTH Asia Holdings Pte. Ltd. (SBTH), the holding company of PT TBS Energi Utama Tbk (TBS)’s waste management platform. TBS’ waste management operating companies include Cora Environment Pte. Ltd., which runs waste management, recycling, and energy-from-waste operations in Singapore serving more than 470,000 households and businesses; Asia Medical Enviro Services Pte. Ltd., one of Singapore’s leading medical waste management companies; and PT Arah Environmental Indonesia, which runs medical, industrial, and domestic waste management operations in 15 provinces across Indonesia. Together, the three operating companies collected approximately 760,000 tons of waste in the six months ended June 30, 2026. 

The transaction is subject to approval by TBS’ shareholders.

The Latham team was led by Singapore partners Farhana Sharmeen and Sharon Lau, with associates Elisabeth Su-Li Ong and Nathanael Po. Advice on selected tax matters was provided by Los Angeles partner Pardis Zomorodi and London partner Serena Lee, with associates Sina Setayaspour and Ruby Wong; and on capital markets and hybrid capital matters by New York partners Stelios Saffos, Global Chair of Latham’s Capital Markets and Hybrid Capital practices, and Peter Sluka, Global Co-Chair of Latham's Hybrid Capital Practice.