Axiata, Sinar Mas Merge Indonesia Units in $6.5 Billion Deal
- Merger to take effect in April, XL Axiata is surviving entity
- XLSmart to have 95 million subscribers, $2.9 billion revenue
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Malaysian wireless carrier Axiata Group Bhd. and Indonesian conglomerate PT Sinar Mas Group agreed to merge their telecommunications operations in Indonesia in a deal that values the business at $6.5 billion.
The owners of PT XL Axiata and PT Smartfren Telecom said the transaction would take effect on April 15, with the former being the surviving entity and changing its name to XLSmart Telecom Sejahtera, according to disclosures Wednesday.