Axiata, Sinar Mas move closer to US$3.5bil merger

The owners of PT XL Axiata and PT Smartfren Telecom are discussing the structure of a potential transaction.

JAKARTA: Wireless carrier Axiata Group Bhd and conglomerate PT Sinar Mas Group are moving forward with plans to merge their telecommunications operations in Indonesia, people familiar with the matter say.

The owners of PT XL Axiata and PT Smartfren Telecom are discussing the structure of a potential transaction that would create a US$3.5bil entity with about 100 million customers, the people said.