- Axiata Group Berhad (“Axiata”) and Sinar Mas (“Sinar Mas”) today announced that the shareholders of PT XL Axiata Tbk (“XL Axiata”), PT Smartfren Telecom Tbk (“Smartfren”), and PT Smart Telecom (“SmartTel”)have approved the merger of the three companies into the upcoming XLSMART. The announcement was made following the Extraordinary General Meeting of Shareholders (EGMS) held separately by each entity today (March 25, 2025). The effective date of the merger or legal day 1 will be on April 16, 2025.
- The merger also has obtained regulatory approval from the Indonesia Stock Exchange and Financial Services Authority of the Republic of Indonesia, as well as in principal approval from the Ministry of Communication and Digital Affairs of the Republic of Indonesia.
- Merger in Numbers:
- Pre-synergy enterprise value : Rp104 trillion (US$6.5 billion)
- Annual run-rate pre-tax synergies : US$300–400 million per year
- Projected proforma revenue : Rp45.8 trillion (US$2.9 billion)
- EBITDA : Rp22.5 trillion
- Combined customer : 94.5 million
- Combined market share : 25%
- The EGMS of the three companies also approved the Directors and Board of Commissioners composition for XLSMART. The XLSMART Directors and Board of Commissioners will officially assume their roles on the effective date of the merger (the date of approval by the Minister of Law)
- XLSMART Directors:
- President Director & CEO: Rajeev Sethi
- Director & CFO: Antony Susilo
- Director & CTO: Shurish Subbramaniam
- Director & CCO: David Arcelus Oses
- Director & CRO: Merza Fachys
- Director & CIO: Yessie D. Yosetya
- Director & Chief Enterprise & Strategic Relationships: Andrijanto Muljono
- Director & Chief Strategy and Home: Feiruz Ikhwan
- Director & CHRO: Jeremiah Ratadhi
- XLSMART Board of Commissioners:
- President Commissioner: Arsjad Rasjid
- Commissioner: Vivek Sood
- Commissioner: L. Krisnan Cahya
- Commissioner: Nik Rizal Kamil
- Commissioner: Sean Quek
- Commissioner: David R. Dean
- Independent Commissioner: Retno Lestari Priansari Marsudi
- Independent Commissioner: Robert Pakpahan
- Independent Commissioner: Willem Lucas Timmerman
- XLSMART Directors:
- Customers could look forward to improved service quality from XL, Smartfren, and Axis, which will continue to operate and serve following the establishment of XLSMART.
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About Axiata
In its pursuit of becoming The Next Generation Digital Champion, Axiata is a telecommunications and digital conglomerate operating in the Digital Telco, Digital Business, and Infrastructure sectors across various countries in ASEAN and South Asia.
The group holds controlling stakes in leading mobile and fixed operators in the region, including ‘XL’ and ‘Link Net’ in Indonesia, ‘Dialog’ in Sri Lanka, ‘Robi’ in Bangladesh, and ‘Smart’ in Cambodia, while ‘CelcomDigi’ in Malaysia serves as its key associate company. Axiata’s regional digital businesses include ‘Boost,’ a fintech company, and ‘ADA,’ a digital analytics and artificial intelligence (AI) company. ‘EDOTCO’ ranks among the world’s top 10 independent tower companies, operating in nine countries to provide telecommunications infrastructure services.
As a committed long-term investor, Axiata actively supports young talent development, community engagement, and climate change initiatives. Through its Advancing Asia program, Axiata aims to integrate the region’s strengths in innovation, connectivity, and talent to drive digital inclusion and sustainable progress. Learn more at www.axiata.com.
About Sinarmas
Founded by Eka Tjipta Widjaja in 1938, Sinar Mas has expanded into various sectors, including Pulp & Paper, Agribusiness & Food, Financial Services, Property Development, Telecommunications & Technology, Energy & Infrastructure, and Healthcare.
With a shared history and corporate values, Sinar Mas Group is committed to upholding the highest standards in business, environmental management, and social responsibility to achieve sustainable and inclusive growth. The group plays a vital role in business and society in Indonesia and other countries where it operates.
