Axiata Group to buy majority stake in Axis

The Indonesian unit of Malaysian mobile operator Axiata Group has agreed to acquire a majority stake in PT Axis Telekom Indonesia (Axis) from Saudi Telecom Company (STC), Reuters reports.

Teleglobal, a subsidiary of STC, will reportedly sell its 95% stake in the Indonesian company for an undisclosed sum.

The sale was announced at a stock exchange filing today and Axiata is said to have estimated Axis’ enterprise value at $865 million.

STC first announced plans to sell its Indonesian subsidiary in July this year.