Indonesian tower operator's equity deal collapses

Vendors pull divestment in Indonesian tower operator PT Solusi Tunas Pratama.

Private equity groups Carlyle and PT Kharisma Indah Ekaprima retreated from a Rp3.285 billion to Rp3.91 billion $255 million to $303 million divestment in Indonesian tower operator PT Solusi Tunas Pratama on Monday after struggling with falling stock markets and a volatile share price.

The company made an announcement to the stock exchange the day the deal was scheduled to price. 

The transaction's demise was not that much of a shock given the market backdrop. More of a surprise was the decision to plough ahead in the first place, with the order book opening on April 29 when the Indonesian market looked like it was...

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