Axiata, Sinar Mas Are Said to Near Deal for Indonesian Units
- Telecom companies are finalizing details of transaction
- A merger of the units could be announced as soon as this week
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Malaysian wireless carrier Axiata Group Bhd. and Indonesian conglomerate PT Sinar Mas Group are nearing an agreement to merge their telecommunications operations in Southeast Asia’s largest economy, people familiar with the matter said.
The owners of PT XL Axiata and PT Smartfren Telecom are finalizing details of a transaction that could be announced as soon as this week, the people said, asking not to be identified because the matter is private. The companies have been discussing the structure of a deal that may involve a mix of cash and shares and that would create an entity with about 100 million customers, Bloomberg News reported in April.