Discussions are progressing among Axiata and the potential sellers, private equity firm CVC Capital Partners and PT First Media, an arm of the billionaire Riady family’s Lippo Group conglomerate, the people said.

Axiata is weighing options on the potential deal structure including buying the stake via its Jakarta-listed unit PT XL Axiata, they said, asking not to be identified because the process is private.

Shares of Link Net rose as much as 5.1% today, their largest intraday jump since May 31. They have risen about 81% this year.

There is no certainty the discussions with Axiata will lead to a transaction, the people said. Representatives for Axiata, CVC, First Media, Link Net and XL Axiata declined to comment.

Link Net has a market value of 12.5 trillion rupiah (about RM3.6 billion) based on its closing price yesterday.

CVC Capital Partners owns 36% of Link Net while PT First Media holds 28%, data compiled by Bloomberg show.

CVC and First Media considered divesting a majority stake in Link Net as early as 2015 and had attracted interest from companies such as PT Media Nusantara Citra, XL Axiata and PT Indosat, sources said at the time.

Link Net, founded in 1996, provides high-speed broadband and cable television to customers in Indonesia. Its services are connected to 2.7 million homes, according to its first quarter corporate presentation.

It reported net income of 249 billion rupiah in the three months ended March 31, a 26% year-on-year increase.