Aditya Hadi Pratama · · 1 min readIndonesian telco XL Axiata to acquire broadband company Link Net
Indonesia’s XL Axiata and its parent company, Axiata Group Berhad, have executed a non-binding term sheet to acquire more than 1.8 million shares in PT Link Net, a broadband and cable television operator, from PT First Media and Asia Link Dewa.
Once the transaction is complete, the Jakarta-based telecommunications firm will control over 66% of PT Link Net.
PT First Media is an affiliate of Indonesian conglomerate Lippo Group, while Asia Link Dewa is a unit of Luxembourg-based CVC Capital Partners.
Photo credit: XL Axiata
In a statement to the Indonesian stock exchange, XL Axiata said that the acquisition was meant to expand its business network and strengthen its position in the telecom industry.
Founded as a trading company in 1996, PT Link Net has expanded over the years to provide fixed cable network and TV services under the First Media and Link Net brands.
As of March, Link Net had around 859,000 subscribers in total. It competes in Indonesia’s fixed broadband network market against Telkom Group’s IndiHome, which clocked in a cumulative 8.15 million subscribers in the same month.
Editing by Collin Furtado and Arpit Nayak
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