PT XL Axiata Tbk (IDX:EXCL) and Axiata Group Berhad (KLSE:AXIATA) made the offer to acquire 32.7% stake in PT Link Net Tbk (IDX:LINK) for IDR 4.5 trillion on January 27, 2022. As per the transaction, PT XL Axiata Tbk and Axiata Group Berhad made the offer to acquire 934.8 million shares at IDR 4800 per share. The transaction will be funded through internally generated funds or bank borrowings. As of April 12, 2022, Bank Negara Malaysia has granted approval to pay portion of consideration under mandatory tender offer. As of August 29, 2022, the offer period will begin on August 30, 2022, and end on September 28, 2022. Maybank Investment Bank Berhad acted as financial advisor for Axiata Group Berhad.

PT XL Axiata Tbk (IDX:EXCL) and Axiata Group Berhad (KLSE:AXIATA) completed the acquisition of a 32.7% stake in PT Link Net Tbk (IDX : LINK) on September 28, 2022. As a result of the MTO, AII and XL, collectively hold an equity interest of 99.52% in Link Net. Allen & Overy LLP acted as legal advisor to PT XL Axiata Tbk.