Axiata, Sinar Mas Move Closer to $3.5 Billion Telco Merger [BNN Bloomberg (Canada)]
PT XL AXIATA TBK ADR (PTXKY)
NASDAQ:AMEX Investor Relations:
xlgroup.com/xl-investor-relations
Company Research
Source: BNN Bloomberg
The owners of PT XL Axiata and PT Smartfren Telecom are discussing the structure of a potential transaction that would create a $3.5 billion entity with about 100 million customers, the people said. A deal could involve a mix of cash and shares, they said, asking not to be named as the process is private. A non-binding agreement may be reached in the coming months, allowing the companies to continue negotiations and carry out due diligence, the people said. Talks are ongoing and there's no guarantee that Kuala Lumpur-based Axiata and Sinar Mas will proceed with a merger of the units, the people said. A representative from XL Axiata said consolidation would benefit the industry and that the company is open to exploring possibilities, without commenting directly on a possible Smartfren merger beyond saying it was a decision for shareholders. Smartfren's president director and Sinar Mas representative, Merza Fachys, said he had no official information to share. XL Axiata's shares
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