JAKARTA – Following the merger, PT XL Axiata Tk (EXCL) and PT Smartfren Telecom Tbk (FREN) agreed to use a brand new name, PT XLSmart Telecom Sejahtera Tbk. The merger will officially take effect on March 22, 2025.

Quoted Wednesday (11/12), three limited companies, XL, Smartfren, and Smart Telecom (ST), have signed a definitive agreement regarding merger plan worth USD 6.5 billion, equal to IDR 104 trillion, yesterday (10/12).

The effective date for the merger will fall on April 15, 2025.

Prior to merger, Anchor was the ultimate beneficial owner of XL’s shares, as well as indirect controlling party through Axiata Investments.

For FREN, Stellar was set as the controlling party, although the company was ultimately owned by Franky Widjaja. Thus, the merger will position Anchor and Stellar both as controlling parties. (LK/ZH)