Axiata Group and its Indonesian subsidiary XL Axiata entered talks to acquire a majority stake in Jakarta-based broadband and cable company Link Net, which if successful would result in a mandatory tender offer for all outstanding shares.
In a statement to the Malaysian stock market, where Axiata Group is listed, the company announced it was in discussions with Asia Link Dewa and First Media Television on the sale of their combined 66.03 per cent stake in the cable business.
The other third of Link Net is floated publicly on Indonesia’s stock exchange. Under market rules in the country a change of control of the listed business would result in a mandatory tender offer to minority shareholders.
Link Net is an ISP and cable company with a network covering: Jakarta; Bogor; Tangerang; Bekasi; Surabaya; Bali; Bandung; Medan; Batam; Solo; Semarang; Serang; and Cilegon.
Axiata Group noted the parties would “use their best endeavours to negotiate in good faith and execute a definitive agreement”.
No potential sum for the transaction was revealed in the disclosure.
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