Indonesia's XL Axiata acquires cable operator PT Link Net - Digital TV Europe
Indonesian telecoms giant PT XL Axiata has acquired a two thirds majority stake in internet and cable TV operator PT Link Net for IDR8,720 billion (€544 million). PT XL Axiata, the country's number two mobile player, will acquire a 66.03% stake in the operator. Under the terms of the purchase agreement, Axiata Investments (Indonesia) Sdn Bhd, an indirect wholly-owned subsidiary of Axiata, and XL Axiata will acquire 46.03% and 20.00% respectively from the combined equity interest in Link Net held by Asia Lind Dewa and First Media. Axiat Investments will then be obliged to undertake a mandatory tender offer to acquire the remaining 33.97% of shares pursuant to regulatory requirements in Indonesia. The acquisition is expected to be completed in the third quarter of this year, subject to regulatory and other approvals. Link Net has a subscriber base of about 860,000 within a footprint of 2.8 million homes across 23 cities. Broadband penetration in Indonesia i...