The transaction, which is with three connected entities, also includes GSK divesting a non-core brand and a manufacturing facility in the country.
GSK has also divested its Insto eye drops brand to Pharma Healthcare and agreed to divest its manufacturing site at Bogor, Indonesia, to PT Pharma Healthcare for a combined total of GBP7m.
GSK chief strategy officer David Redfern said the transaction is a further example of the company focusing its business in strategically important growth markets such as Indonesia.
"It will also simplify operations in the Indonesian business," Redfern said.
The company said that the transaction will complete in two stages and it has completed the purchase of the shares and the divestment of the Insto brand.
The Bogor manufacturing site will transfer to PT Pharma Healthcare in 2015.
The company’s Indonesian Consumer Healthcare business sells brands such as Panadol, Sensodyne and Scotts, and is an important emerging markets business for GSK.
Insto eye drops are manufactured at the Bogor site and the brand is only sold in Indonesia.
GSK will continue to sell the same formulation under the brand Eyemo across a number of other emerging markets, which are unaffected by this transaction.