REPUBLIKA.CO.ID, JAKARTA -- XL Axiata finally completed the acquisition of Axis with transaction value of 865 million USD or 9.86 trillion IDR. The Conditional Sale and Purchase Agreement was signed on Wednesday and XL became the majority shareholder in Axis. President Director of XL, Hasnul Suhaimi said that he was grateful to reach this level of Axis acquisition.

"XL has become main shareholder in Axis," Suhaimi said recently as reported by Taufik Rachman.

Consolidation of telecommunication industry now becomes a necessity to ensure a healthy telecommunication industry and also its sustainability. After the completion of this acquisition, XL will continue to do a series of process towards the finalization of merger with rules and regulations.

To finance the acquisition, XL got a loan from shareholders worth 500 million USD, while the rest of 365 million USD was obtained from third party, namely UOB Bank, Bank of Tokyo-Mitsubishi and DBS Bank. XL is expected to provide better service and reach more customers in Indonesia.

This consolidation also supports government to realize main goal of national broadband program. XL-Axis merger will push state income through non-tax revenue.

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