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Axiata, Sinar Mas in talks for $3.45 billion Indonesian telecom merger

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Malaysia's Axiata and conglomerate Sinar Mas are in talks to merge their telecommunications operations in Indonesia to create an about $3.45 billion entity, the Malaysian firm said on Wednesday, as it seeks to tap into the growing demand in the local telecom sector.

FILE PHOTO: A general view of the Axiata headquarters building in Kuala Lumpur, Malaysia, October 1, 2019. REUTERS/Lim Huey Teng//File PhotoMalaysia's Axiata and conglomerate Sinar Mas are in talks to merge their telecommunications operations in Indonesia to create an about $3.45 billion entity, the Malaysian firm said on Wednesday, as it seeks to tap into the growing demand in the local telecom sector.

Indonesia's communication minister told Reuters earlier this month that the two firms had sought permission from the domestic government to merge the units. XL Axiata has a market capitalization of $2.12 billion whereas Smartfren is valued at $1.33 billion, according to LSEG IBES data.

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