What if…Li Ka-shing bought XL Axiata?

Hong Kong’s richest man is ambitious in building a global telecom empire. Will he turn to Indonesia if the opportunity arises?

When it comes to industry consolidation, telecommunications is perhaps the most active sector across the globe.

Consolidation has already taken place in some of the bigger markets. India, for example, is set to see the merger between its second- and third-biggest mobile carriers after British communications giant Vodafone said it is in talks to combine its Indian operations with Idea Cellular.

The announcement came three years after Hong Kong’s PCCW acquired CSL New World Mobility in 2013, forming the city’s biggest mobile operator.

Market participants also anticipate consolidation in the US telecom sector after Masayoshi Son, chairman of Japan’s Softbank Group, said last week...

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