Protelindo: Acquisition of ~1,700 towers from XL Axiata

Asset acquisition

Protelindo: Acquisition of ~1,700 towers from XL Axiata

Asset acquisition


PT Profesional Telekomunikasi Indonesia


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



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

Sole financial advisor to Protelindo on the acquisition

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)

Conducted an extensive due diligence exercise on the towers including individual tower valuation analysis using multiple valuation parameters

Supported Protelindo in successfully navigating a competitive bidding process, resulting in lower acquisition multiple relative to the other winning bidder