Axiata Group Berhad and PT XL Axiata Tbk announced the signing of a conditional share-purchase agreement to jointly acquire an aggregate 66.03 percent equity interest in PT Link Net Tbk from Asia Link Dewa and PT First Media. The purchase consideration has been agreed at IDR4,800 ($0.33) per ordinary share in Link Net, or approximately Indonesian Rupiah 8.72 trillion ($607.5 billion). This translates to a value of about IDR13.21 trillion ($920.4 billion) for 100 percent equity interest in Link Net.
Under the terms of the SPA, Axiata Investments, an indirect wholly owned subsidiary of Axiata, and XL Axiata shall acquire 46.03 percent and 20 percent, respectively, from the combined equity interest of 66.03 percent in Link Net held by ALD and FM. AII will then be obligated to undertake a mandatory tender offer to acquire the remaining 33.97 percent Link Net Shares pursuant to regulatory requirements in Indonesia.
The proposed acquisition and proposed MTO are expected to