Client
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PT Profesional Telekomunikasi Indonesia
(“Protelindo”)
Target
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Acquisition of ~1,700 towers from PT XL Axiata Tbk (“XL Axiata”)
Transaction summary
Deal value
Transaction highlights
- Protelindo’s fifth successive M&A win in five years and second successful towers acquisition from XL Axiata
- Second successful back-to-back sale and leaseback transaction for Protelindo, with XL Axiata entering into a 10-year lease back arrangement as anchor tenant
- Further strengthens the strategic partnership with XL Axiata and extends Protelindo’s lead as the #1 towerco in Indonesia
Completion
Mar-20
Client description
- Protelindo is the largest independent tower company in Indonesia and is listed on the Indonesia Stock Exchange
Protelindo operating metrics (Mar-20):
~21,000 towers
~37,000 tenancies
>3,200 VSAT
~31,000 km of fibre optic cables
Redpeak role
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Sole financial advisor to Protelindo on the acquisition
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Managed and coordinated all aspects of the transaction within a very tight time frame (2 months from data room opening to final binding bid with agreed transaction documentation)
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Conducted an extensive due diligence exercise on the towers including individual tower valuation analysis using multiple valuation parameters
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Supported Protelindo in successfully navigating a competitive bidding process, resulting in lower acquisition multiple relative to the other winning bidder
