(Kuala Lumpur, 11th) AsiaTong $AXIATA (6888.MY)$ and Sinar Mas Group from Indonesia have officially reached an agreement to merge their respective telecommunications companies in Indonesia, XL AsiaTong, Smartfren Telecom (Smartfren), and Smart Telcom (SmartTel), becoming one of the country's three telecommunications giants.
According to the press release, the merged telecommunications company will be named PT XLSmart Telecom Sejahtera Tbk (XLSmart), with XL AsiaTong as the main entity, and will maintain its listing status in Indonesia. Smartfren and SmartTel will be dissolved.
The above-mentioned merger transaction prices XL AsiaTong at 2350 Indonesian rupiahs per share (about 65.5 cents), according to Bloomberg, this equates to valuing XLSmart at 6.5 billion USD (approximately 28.7 billion 60 million Ringgit).
Yatong stated that the total customer base served by XLSmart is 94.5 million people, accounting for approximately 27% of the PT Telekomunikasi Indonesia market.
According to calculations, after expanding the scale, XLSmart's total revenue is 45.4 trillion Indonesian Rupiah (approximately 12.645 billion Ringgit), and the earnings before interest, taxes, depreciation, and amortization (EBITDA) are 22.4 trillion Indonesian Rupiah (approximately 6.240 million Ringgit).
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