Indonesia's XL Axiata, Smartfren to Merge, With $6.5 Billion Enterprise Value

MERGER - JAKARTA. Indonesian telcos XL Axiata, Smartfren Telecom and Smart Telcom (SmartTel), a unit of Smartfren, said on Wednesday they have agreed to merge to create a combined entity with an enterprise value of 104 trillion rupiah ($6.5 billion).

The companies said in a joint statement the merged entity will be called XLSmart Telecom Sejahtera and "will have the scale, financial strength and expertise to drive investments in digital infrastructure, expand service coverage", and other areas.