Following the completion of the acquisition, Axiata’s indirect wholly-owned subsidiary, Axiata Investments (Indonesia) Sdn Bhd and XL Axiata will hold a 46.03% and 20% stake respectively from the combined 66.03% equity interest in Link Net.

Axiata’s total effective equity interest in Link Net held via Axiata Investments and XL Axiata is 58.33% post-completion of the acquisition.

In a statement, Axiata joint acting group chief executive officers Hans Wijayasuriya and Vivek Sood said the completion of the Link Net acquisition marked a significant milestone in the evolution of Axiata’s operations in the region.

The acquisition strengthened the group’s position as a regional digital champion in the delivery of converged telecommunication services in line with its ethos of ‘Advancing Asia’.

“The well-experienced and accomplished team at Link Net will be accelerating the company’s growth opportunities within existing as well as underserved areas.

“Increasing the momentum of our participation in Indonesia’s rapidly advancing digital economy is an exciting proposition we share with the Link Net team,” they said.

Link Net is among the leading providers of high-speed broadband and cable TV in Indonesia, reaching 2.9 million homes across 23 cities, serving some 855,000 broadband and about 837,000 cable TV customers respectively.

Axiata said Axiata Investments would now be obligated to undertake a mandatory tender offer (MTO) to acquire the remaining 33.97% equity interest in Link Net.

The proposed MTO is expected to be completed in the third quarter of 2022, it added.