Indonesian telecoms company XL Axiata sold its towers business to Profesional Telekomunikasi Indonesia Protelindo for Rp3.57 trillion $267.2 million on Monday, as the country’s fragmented towers sector continues to consolidate.
The sale and leaseback of the towers is the latest of several such deals in Indonesia and across Asia as cash-strapped mobile telecom companies seek to unlock value from their balance sheets. The assets offer utility-like revenue streams.
Axiata, Indonesia’s third-largest mobile company, is 65%-owned by Malaysia’s Axiata Group and invited bidders to submit tenders for 2,432 of its 6,000 towers on January 6. Each bidder was required to pay $100,000 to be involved in the...
¬ Haymarket Media Limited. All rights reserved.
