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Back to topLeading Indonesian law firm Hiswara Bunjamin & Tandjung (HBT) advised PT Smartfren Telecom's controlling shareholders (part of the Sinar Mas Group) on the successful completion of a landmark merger with PT XL Axiata Tbk (XL Axiata) and PT Smart Telecom (SmartTel). The merger represents a transformative milestone in Indonesia’s telecommunications sector.
The newly merged entity, PT XLSMART, now serves 94.5 million customers and commands a 25% market share in Indonesia’s mobile telecommunications industry. With a combined enterprise value of approximately 104 trillion rupiah (US$6.5 billion), XLSMART is poised to deliver enhanced network quality, expanded service coverage, and significant operational synergies estimated at US$300 to US$400 million annually.
"We are proud to have supported the Sinar Mas Group in this historic merger, which sets a new benchmark for digital connectivity and innovation in Indonesia," said partner Viska Kharisma.
Partner Sakurayuki added, "This transaction not only strengthens the industry but also supports Indonesia’s vision for a robust digital economy."
The merger was completed following final approvals from shareholders, the Ministry of Communication and Digital Affairs, and the Financial Services Authority (OJK). XLSMART will continue to be listed on the Indonesia Stock Exchange under the ticker EXCL, inheriting it from XL Axiata.
This strategic consolidation is expected to accelerate digital transformation, foster greater inclusion, and empower communities and businesses across Indonesia’s archipelago.
HBT acted as Indonesian counsel to Smartfren’s controlling shareholders in the merger transaction: PT Wahana Inti Nusantara, PT Global Nusa Data, and PT Bali Media Telekomunikasi. HBT advised Smartfren throughout the transaction, from initial structuring and regulatory compliance to negotiation and closing.
The HBT team was led by partners Sakurayuki and Viska Kharisma Fajarwati, supported by Of Counsel Randitya Adiguna, and associates Ivina Suwana, Awang Perkasa, Pandu Saidarka, Anindita Yulidaningrum Purba, Ruth Margaretha Ginting, Mischa Giani Annastasia, Syafia Rizky Hanifah, Derek Joedaatmadja, Rizka Chairunnisa, and Arya Raditya Tjahjono.
MEDIA CONTACTS
Richard Pedler, Hiswara Bunjamin & Tandjung, Jakarta
(M +62 812 9391 3991 E richard.pedler@hbtlaw.com)
Dora Cheok, Herbert Smith Freehills, Singapore
(M +65 9232 521 E dora.cheok@hsf.com)
