Indonesian mobile phone firm PT Bakrie Telecom (BTEL) is set to acquire the CDMA unit of PT Telekomunikasi Indonesia (TLKM) in a share swap deal worth up to $1 billion, sources with direct knowledge of the deal told Reuters on Wednesday.
The deal, in which Bakrie Telecom will issue new shares and swap them for Telkom's CDMA assets worth between 7 to 9 trillion rupiah ($1.01 billion), may be signed in November or December, said two sources, who declined to be identified because the talks were not public.
"Both parties need to conduct one final valuation to complete the plan," said one of the sources. "We expect the deal will be fully completed by early next year."
Bakrie Telecom was not immediately available for comment, while a Telkom spokesman said talks on a deal were ongoing.
Bakrie Telecom, controlled by PT Bakrie & Brothers (BNBR), is already Indonesia's second-biggest CDMA operator and the acquisition would give it more than 90 percent of the CDMA market, according to an anti-trust agency. ($1=8937 Rupiah). Sources: Reuters
The deal, in which Bakrie Telecom will issue new shares and swap them for Telkom's CDMA assets worth between 7 to 9 trillion rupiah ($1.01 billion), may be signed in November or December, said two sources, who declined to be identified because the talks were not public.
"Both parties need to conduct one final valuation to complete the plan," said one of the sources. "We expect the deal will be fully completed by early next year."
Bakrie Telecom was not immediately available for comment, while a Telkom spokesman said talks on a deal were ongoing.
Bakrie Telecom, controlled by PT Bakrie & Brothers (BNBR), is already Indonesia's second-biggest CDMA operator and the acquisition would give it more than 90 percent of the CDMA market, according to an anti-trust agency. ($1=8937 Rupiah). Sources: Reuters
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