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Axiata, Sinar Mas closer to $3.5 billion telco merger in Indonesia, Bloomberg says

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Malaysian conglomerate Axiata Group and Indonesian group PT Sinar Mas are going ahead with plans to merge their telecom operations in Indonesia to create a $3.5 billion entity, Bloomberg News reported, citing people familiar with the matter.

FILE PHOTO: A general view of the Axiata headquarters building in Kuala Lumpur, Malaysia, October 1, 2019. REUTERS/Lim Huey Teng/File Photo

A non-binding agreement may be reached in the coming months, allowing the companies to continue negotiations and carry out due diligence, the report said, adding that there was no guarantee that a deal would go through.

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