Axiata in hunt for LinkNet stake

6 Jul 2021

Malaysian group Axiata is reportedly in advanced discussions to acquire a stake in Indonesian broadband ISP LinkNet, The Star newspaper writes citing unnamed sources. Axiata, which is already active in the Indonesian mobile market through XL Axiata, is holding talks with the potential sellers, private equity firm CVC Capital Partners and First Media, the media arm of the billionaire Riady family’s Lippo Group. It is understood the Malaysian carrier is considering a number of options, including one that would see it buy a shareholding through XL Axiata itself, although at this time there is ‘no certainty’ that an agreement will be reached. LinkNet, 36.99%-owned by CVC Capital and 29.04% by First Media, is worth IDR12.4 trillion (USD857 million) based on its closing share price on 5 July.

Indonesia, Axiata, LinkNet (First Media), XL Axiata