Malaysia Axiata buys Axis Telekom Indonesia stake from Saudi Telecom

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Malaysia's largest mobile phone operator Axiata Group Bhd said its Indonesian unit had struck a deal with Saudi Telecom Co to acquire a majority stake in PT Axis Telekom Indonesia (Axis) for an undisclosed sum.

Saudi Telecom subsidiary Teleglobal will sell a 95 percent equity stake in Axis to XL Axiata Tbk, Axiata said in a stock exchange filing on Thursday.

Axis has an enterprise value of $865 million, Axiata said.

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