In Indonesia, the privatization of some state-owned firms have met strong external and internal stakeholders resistance causing delay or even failure in spite-of-the-fact that privatization wave has swept the world. Starting in the UK in the early 1980s, privatization has spread to other developed and developing countries. This essay attemps to investigate the process of privatization in Indonesia when compared with the experience of other countries vis-a-vis country specific characteristisc and strategies related to the privatization transactions as well as the acquiring parties' strategy. With regard to these variables, differences are noted between the practice in the former eastern block countries, developed and developing countries inclusive of in Indonesia.