Protelindo: Acquisition of 94.03% of STP

Acquisition, leveraged buyout

Protelindo: Acquisition of 94.03% of STP

Acquisition, leveraged buyout


PT Profesional Telekomunikasi Indonesia


Acquisition of PT. Solusi Tunas Pratama Tbk.

Transaction summary

Deal value

IDR16.7tn (USD1.17bn)

Transaction highlights

  • Largest M&A transaction in the Indonesian tower industry to-date

  • Protelindo’s 6th and largest transaction in the last 6 years
  • Cements Protelindo’s lead as Indonesia’s largest independent tower company

  • Protelindo’s healthy debt profile enabled transaction to be fully debt funded and subsequent re-affirmation of investment-grade credit ratings by Fitch, S&P and Moody’s
  • Fastest completion for any significant towers transaction – within 1 month from signing to completion



Client description

  • Protelindo is the largest independent tower company in Indonesia and is listed on the Indonesia Stock Exchange
  • Protelindo operating metrics (Jun-21):
    >21,500 towers
    >40,150 tenancies
    >7,600 VSAT
    ~52,000 km of fibre optic cables

Redpeak role

Sole financial advisor to Protelindo on the acquisition

Successfully positioned Protelindo as the preferred bidder throughout a highly competitive sale process involving significant foreign buyer interest

Managed & coordinated all aspects of the large and highly complex transaction within a very tight time frame (2 months of due diligence to agreed transaction documentation)

Facilitated a swift satisfaction of closing deliverables for an expedited completion