PT Telekomunikasi Indonesia (Telkom) has cancelled its acquisition of AP TeleGuam Holdings, the parent company of Guam-based full-service telecoms operator GTA, from Japanese private equity firm Advantage Partners. In a statement, Telkom said it had reached a mutual decision with Advantage Partners to terminate the acquisition agreement, adding that both parties ‘will end the acquisition process, including the regulatory approval process with the Committee on Foreign Investment in the US, Team Telecom and the Federal Communications Commission’. No reason was given for the decision to cancel the process. Advantage Partners, which acquired GTA from Shamrock Capital Advisors in June 2011, will continue to hold its equity investment in the company.
As previously reported by TeleGeography’s CommsUpdate, Telkom revealed that it had reached a definitive agreement to acquire GTA in June 2015 and the deal was cleared by Guam’s Public Utilities Commission (PUC) in August, but the transaction was still awaiting approval from the US Federal Communications Commission (FCC).