Shareholders of Tower Bersama, the Indonesian towerco, have approved the acquisition of 2,500 towers from Indosat, the subsidiary of Qatar’s QTel.
The shareholders reportedly gave the green light for the US$406m deal at a shareholders meeting in…
Shareholders of Tower Bersama, the Indonesian towerco, have approved the acquisition of 2,500 towers from Indosat, the subsidiary of Qatar’s QTel.
The shareholders reportedly gave the green light for the US$406m deal at a shareholders meeting in Jakarta.
As reported previously Tower Bersama could end up paying up to US$518m in the end, if a full earn-out of up to US$113m is being paid.
US$334m of the initial US$406m fee will be paid in cash, while the remaining amount of US$72m will be paid via the issuance of 5% of new Indosat shares.
According to Dow Jones, the cash component of the deal will be financed by US$9m in cash, and via a US$325m five-year loan.
With reference to Tower Bersama president director Herman Setya Budi, the news service reported that the consortium of 11 mandatory lead arrangers for the loan includes DBS Bank, HSBC, United Overseas Bank, and Oversea-Chinese Banking Corp.
Tower Bersama was not available for comment.
Completion of the deal is expected during Q2, the company previously stated.
