Jakarta – PT XL Axiata Tbk, PT Smartfren Telecom Tbk (“Smartfren”), and PT Smart Telcom (“SmartTel”) have finally announced that the parties have signed a definitive agreement for the proposed merger with a pre-synergy enterprise value of Rp104 trillion or USD 6.5 billion.
In a statement received by detikINET, this merger will form PT XLSmart Telecom Sejahtera Tbk (“XLSmart”), a new telecommunications company that combines the strengths of both telecommunications operators in Indonesia, to drive innovation, improve service quality, and enhance digital connectivity nationwide.
XLSmart is said to have the scale, financial strength, and expertise to drive investment in digital infrastructure, expand service coverage, and foster innovation for customers while contributing to a healthier and more competitive market.
“This will enable us to meet the unique infrastructure demands of the Indonesian archipelago by providing a scalable platform that will enhance service coverage, product offerings, and network experience quality.” The synergies gained from the merger will enhance shareholder value, with a portion being reinvested in future growth opportunities,” said Vivek Sood, Group Chief Executive Officer of Axiata Group. Axiata Group Berhad and Sinar Mas will become joint controlling shareholders, each holding 34.8% of shares in XLSmart, with equal influence over its direction and strategic decisions.
Official! XL Axiata and Smartfren Officially Merge Worth Rp 104 Trillion
