Malaysia’s Axiata to refrain from M&A deals after Telenor talks collapse

FILE PHOTO - A security officer guards in front of the Axiata headquarters building in Kuala Lumpur May 28, 2014. REUTERS/Samsul Said

Axiata Group Bhd. will refrain from undertaking mergers and acquisitions in the near term as Malaysia’s biggest wireless carrier looks to improve its operations, people with knowledge of the matter said.

The decision was made at a board meeting last week and follows the collapse of talks for a merger with Telenor ASA’s Asian business, said the people, who asked not to be named as the information is private. Axiata won’t proceed to formal negotiations for any approach for its $3 billion wireless tower business or its Indonesian telecommunications operations at least before the end of the year, the people said.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter