XL Axiata to sells towers to Solusi Tunas for USD460m

1 Oct 2014

XL Axiata, Indonesia’s second largest cellco by subscribers, has confirmed it has agreed to sell off 3,500 telecommunication towers to Solusi Tunas Pratama for INR5.6 trillion (USD460 million), according to Reuters, with the deal expected to be concluded by the end of the year.

As previously reported by CommsUpdate, in July 2014 it was revealed that XL Axiata has commenced plans to sell off part of its telecoms tower assets to pay off USD865 million of outstanding debt relating to its purchase of fellow cellco PT Axis Telekom Indonesia in March. With XL Axiata at that date officially inviting firms to bid for a portion of its 8,000 or so towers, corporate communications VP Turina Farouk noted: ‘We’re targeting to complete the selling process in the first half of the year and use the raised funds to pay part of our debt.’

Indonesia, XL Axiata