Mergers and Acquistions News
Categories: Telecoms
October 13th 2010, 16:00PM
PT Bakrie Telecom, an Indonesian mobile phone operator, is set to acquire the code division multiple access (CDMA) wing of PT Telekomunikasi Indonesia in a deal worth up to $1 billion (£631 million), two sources familiar with the situation have told Reuters.
Apparently, both firms have been in discussion for a while, but have not yet made public the specifics of any acquisition.
The acquisition will be the biggest in the Indonesian market since Qatar Telecom acquired a stake in PT Indosat for $1.35 billion in 2008, the news agency said.
The transaction will see Bakrie Telecom switching new shares valued between $784.4 million and $1 billion.
One of the sources, both of whom declined to identify themselves because the deal is not yet public, told Reuters: "Both parties need to conduct one final valuation to complete the plan.
"We expect the deal will be fully completed by early next year."
Telkom's CDMA wing is known as TelkomFlexi, and has around 15 million subscribers.
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