JAKARTA – PT XLSmart Telecom Sejahtera Tbk has secured approval from the shareholders of each entity involved in the merger between PT XL Axiata Tbk (EXCL), PT Smartfren Telecom Tbk (FREN), and PT Smart Telecom (SmartTel) on Tuesday, March 25, 2025.

Earlier, XL Axiata, Smartfren, and SmartTel had signed an agreement regarding the merger plan with a combined value of USD 6.5 billion, or approximately IDR 104 trillion, on December 10, 2025.

“This step will create a more competitive and innovative telecommunications company,” said Rajeev Sethi, CEO of XLSmart.

After the merger, XLSmart is projecting synergy value (pre-tax) of USD 300–400 million per year, with a combined customer base of 94.5 million, and an increased market share to 25%.

Meanwhile, proforma revenue projections for the end of 2024 are IDR 45.8 trillion, with an EBITDA of IDR 22.5 trillion, representing a 49% margin.

According to the official release, the merger will become legally effective (legal day one) on April 16, 2025. (ZH)