Malaysia’s Axiata seeks 66% stake in Indonesia’s Link Net

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

Malaysian telecoms group Axiata Group Bhd is exploring a deal to acquire almost two-thirds of Indonesia’s PT Link Net Tbk, it said in a stock exchange filing on Friday.

The group said it and its 66.48% Indonesian subsidiary, PT XL Axiata Tbk, entered into a non-binding term sheet with Asia Link Dewa Pte Ltd and PT First Media Tbk “to facilitate discussions and negotiations for a potential acquisition” of 1.82 billion shares or a 66.03% shareholding in Link Net.

Earlier this month, Bloomberg reported that Axiata was in advanced talks for a stake in the Jakarta-based cable television and high-speed broadband provider and that private equity firm CVC Capital Partners had been looking to exit the investment.

CVC invested in Link Net in 2011, according to a press release on the company’s website.

Axiata told Reuters last year it was looking to buy a smaller rival in Indonesia in a share-swap deal to cut costs and competition in its biggest market.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.