Axiata to pause on M&A deals after Telenor talks flop

KUALA LUMPUR: Axiata Group Bhd. will refrain from undertaking mergers and acquisitions in the near term as Malaysia’s biggest wireless carrier looks to improve its operations, people with knowledge of the matter said.

The decision was made at a board meeting last week and follows the collapse of talks for a merger with Telenor ASA’s Asian business, said the people, who asked not to be named as the information is private. Axiata won’t proceed to formal negotiations for any approach for its $3 billion wireless tower business or its Indonesian telecommunications operations at least before the end of the year, the people said.