Axiata, Sinar Mas close in on $3.5b telco merger in Indonesia

Axiata, Sinar Mas close in on $3.5b telco merger in Indonesia

FILE PHOTO: A general view of the Axiata headquarters building in Kuala Lumpur, Malaysia, October 1, 2019. REUTERS/Lim Huey Teng

Malaysian conglomerate Axiata Group and Indonesian group PT Sinar Mas are going ahead with plans to merge their telecom operations in Indonesia to create a $3.5 billion entity, Bloomberg News reported, citing people familiar with the matter.