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XL officially acquires Axis
Telecommunication company XL Axiata has completed its payment to acquire Axis Telekom Indonesia with a US$865 million investment
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elecommunication company XL Axiatahas completed its payment to acquire Axis Telekom Indonesia with a US$865million investment.
The deal was made after XL and Saudi Telecom Company (STC), previously the major shareholders in Axis, signed the transaction document.
Kompas.com reported on Thursday that the acquisition transaction signing was conducted at XL headquarters in Menara Prima, Kuningan, South Jakarta.
XL's acquisition of Axis Telekom Indonesia makes it the major shareholder in the company.
XL received a $500 million loan from its holding firm, Axiata of Malaysia, and
the rest was from three other banking institutions, which were UOB, the Bank of
Tokyo Mitsubishi and DBS.
XL Axiata president director and CEO Hasnul Suhaimi said his team would finish
a series of processes to finalize the acquisition and merger in line with the
existing regulations.
"XL efforts in acquiring and merging with Axis will support and produce a
healthy telecommunication industry and create significant multiple effects for
the nation's economy," Hasnul said in a release to KompasTekno.
XL announced its plan to acquire Axis in September 2013. The first regulator
who gave the green light to the company was the Communications and Information Ministry
in December last year.
XL then received approval from its shareholders, the Financial Services
Authority (OJK), the Indonesia Stock Exchange (BEI), the Investment
Coordinating Board (BKPM) and the Business Competition Supervisory Commission
(KPPU) on March 10 this year. (nfo)
