Merger and Acquisition as a way of growing a business has become a trend among Indonesian business player. It is a quickest way to become big in a short time. In this case, valuation has an important role since Merger and Acquisition might add or might lessen acquirer's value. An acquisition is too costly for the acquirer or an acquisition is able to give more value for the acquirer. In this valuation case study, valuation based on free cash flow method is applied since it is the most widely used in doing valuation among practitioner.