Protelindo buys Axiata towers in $267m deal

The Indonesian telecom infrastructure company agreed to buy and lease back the towers of AXL Axiata, amid broader signs of industry consolidation.

Protelindo buys Axiata towers in $267m deal

Indonesian telecoms company XL Axiata sold its towers business to Profesional Telekomunikasi Indonesia Protelindo for Rp3.57 trillion $267.2 million on Monday, as the country’s fragmented towers sector continues to consolidate.

The sale and leaseback of the towers is the latest of several such deals in Indonesia and across Asia as cash-strapped mobile telecom companies seek to unlock value from their balance sheets. The assets offer utility-like revenue streams.

Axiata, Indonesia’s third-largest...

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