KUALA LUMPUR: Axiata Group Bhd
has entered into a definitive agreement with Sinar Mas for the proposed merger of PT XL Axiata Tbk, PT Smartfren Telecom Tbk, and Smartfren subsidiary PT Smart Telcom (SmartTel) in Indonesia.
According to a joint statement, Axiata and Sinar Mas will each have 34.8% stake in the merged entity, named PT XLSmart Telecom Sejahtera Tbk (XLSmart), which will have an enterprise value of IDR104 trillion (US$6.5bil).
