On March 31, PT Profesional Telekomunikasi Indonesia (“Protelindo”) completed the acquisition of 1,723 towers, with a physical handover of c.1,400 towers and over 2,200 tenancies from PT XL Axiata Tbk, pursuant to the Asset Purchase Agreement signed between the companies on February 7, 2020. Process of handing over more sites is continuing and final number will be announced in due course.
“We are able to capitalise on favourable opportunities because of our strong dedicated balance sheet even during uncertain times such as these,” said Aming Santoso, President Director of SMN Group.
SMN, owner of Protelindo, is traded under the ticker "TOWR" on the Indonesia Stock Exchange.
Redpeak Advisers acted as Protelindo’s exclusive financial adviser for this transaction.
Duane Morris and Makes & Partners acted as legal counsel for Protelindo.