JAKARTA — Mobile operator XL Axiata, the Indonesian unit of Malaysia’s Axiata Group, announced on Wednesday a merger with smaller rival Smartfren, part of major local conglomerate Sinar Mas.
Under the agreement, the third and fourth biggest wireless carriers in the country will merge into a new entity called XLSmart Telecom Sejahtera, with an enterprise value of more than 104 trillion rupiah ($6.54 billion).
