Axiata Group Berhad's (Axiata) Indonesian subsidiary, PT XL Axiata Tbk (XL) today announced the completion of its acquisition of PT Axis Telekom Indonesia (AXIS). AXIS is valued at 100% enterprise value of USD 865 million, on a cash free and debt free basis. The deal was marked with the signing of concluding documents for the transaction between XL and Saudi Telecom Company (STC), allowing the former to officially finalise the acquisition process and become the majority shareholder in AXIS.
The acquisition was reached after XL secured the unanimous consent required for the Conditional Sales Purchase Agreement (CSPA), which includes:
- Approval from the Ministry of Communication and Information Technology
- Approval from XL shareholders through General Meeting of Shareholders (EGMS)
- Effective statement from the Financial Services Authority (OJK)
- Statement of No Objection from the Indonesia Stock Exchange
- Approval from the Indonesia Investment Coordinating Board (BKPM) toward the acquisition
- Approval from the Business Competition Supervisory Commission (KPPU) towards XL - AXIS the merger and acquisition plan
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