EXCL and Axiata to acquire 66.03% stake in Link Net (LINK)

ILLUSTRATION. After the acquisition, XL and Axiata will hold a tender offer for the remaining shares of Link Net.

Reporter: Revelation Tri Rahmawati | Editor: Wahyu T. Rahmawati

KONTAN.CO.ID – JAKARTA. PT XL Axiata Tbk (EXCL) and Axiata Group Berhad will be the new controller of PT Link Net Tbk (LINK). This happened after EXCL and Axiata acquired 1.82 billion shares or the equivalent of 66.03% of Link Net’s paid-in capital.

XL Axiata revealed that XL and Axiata have signed term sheet which is not yet binding for the acquisition of a 66.03% stake in Link Net. The two parties will buy LINK shares from Asia Link Dewa Pte Ltd and PT First Media Tbk (KBLV).

“If the sale and purchase agreement (PJB) has been signed and is subject to the final provisions based on the PJB and the fulfillment of the preliminary conditions stipulated in the PJB, after the completion of the acquisition, XL or XL and Axiata will become the new controller of Link Net,” said Ranty Astari Rachman, Secretary XL Axiata Company in the disclosure of information on the Indonesia Stock Exchange (IDX), Friday (30/7).

Also Read: Will change owners, Link Net ensures the focus of the business remains the same

EXCL revealed that the purpose of the acquisition of Link Net is to develop business and expand business networks as well as to strengthen XL and Axiata’s business position in the field of providing telecommunications services. The acquisition negotiations were carried out directly by the buyer (XL and Axiata) with the seller (Asia Link Dewa and First Media). The two sides plan to sign a definitive agreement.

“Once the acquisition plan is complete, XL or XL and Axiata will be the new operator of Link Net and will execute a mandatory tender offer,” Ranty concluded.

Also Read: This is what XL Axiata (EXCL) has to say about the news of Axiata Group’s acquisition of Link Net

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