The merger of PT XL Axiata, PT Smartfren, and PT Smart Telecom will create a new telecommunications powerhouse, XLSmart, valued at over IDR 104 trillion (~USD 6.5 billion), aimed at enhancing digital connectivity and innovation across Indonesia.
Information on the Target
The merger between PT XL Axiata Tbk, PT Smartfren Telecom Tbk, and PT Smart Telecom will create a new telecommunications entity named PT XLSmart Telecom Sejahtera Tbk. This newly formed organization is set to become a significant player in the Indonesian telecommunications sector, combining the strengths and expertise of three reputable operators to drive innovation, improve service quality, and expand digital connectivity across the country.
Pre-synergy, the merger is valued at over IDR 104 trillion (~USD 6.5 billion). With an expected pro forma revenue exceeding IDR 45.4 trillion (USD 2.8 billion) and an EBITDA forecast of over IDR 22.4 trillion (USD 1.4 billion), XLSmart aims to capitalize on scale, financial strength, and operational expertise to enhance digital infrastructure investments and customer service offerings.
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Industry Overview in Indonesia
Indonesia's telecommunications industry is characterized by rapid growth, especially with the increasing demand for high-speed internet and mobile connectivity. The country, being an archipelago with diverse geogr
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PT XL Axiata Tbk, PT Smartfren Telecom Tbk, PT Smart Telecom
invested in
PT XLSmart Telecom Sejahtera Tbk
in 2024
in a Other deal
Disclosed details
Transaction Size: $6,500M
Revenue: $2,800M
EBITDA: $1,400M
Equity Value: $475M
Multiples
P/Revenue: 0.2x