Protelindo: Acquisition of 1,000 towers from Indosat

Asset acquisition

Protelindo: Acquisition of 1,000 towers from Indosat

Asset acquisition

Client

–

PT Profesional Telekomunikasi Indonesia
(“Protelindo”)

Target

–

Acquisition of 1,000 towers from PT Indosat Tbk. (“Indosat”)

Transaction summary

Deal value

IDR1,950bn

Transaction highlights

  • First acquisition of towers from Indosat, with Indosat entering into a 10-year lease arrangement as anchor tenant
  • Further enhances Protelindo’s Tier-1 revenue and customer base
  • Transaction completed at a lower valuation relative to the other winning bidder

Completion

Nov-19

Client description

  • Protelindo is the largest independent tower company in Indonesia and is listed on the Indonesia Stock Exchange
  • Protelindo operating metrics (Sep-19):
    ~18,000 towers
    ~30,000 tenancies
    >3,600 VSAT
    ~17,500 km of fibre optic cables

Redpeak role

–

Sole financial advisor to Protelindo on the acquisition

–

Successfully positioned Protelindo as the preferred long-term strategic partner for Indosat throughout the highly competitive sale process

–

Extensive tower experience allowed for quick and all-encompassing due diligence of the portfolio, as well as determination of appropriate valuation for the transaction

–

Project managed and coordinated the entire transaction across all work streams, including leading negotiations on transaction documents