The merger of Indonesian telecom service providers PT XL Axiata Tbk, PT Smartfren Telecom Tbk, and PT Smart Telecom (SmartTel) is expected to be completed before the end of this month. In an unrelated development, Wavemaker Impact has launched a new venture called Zentide.
XL Axiata, Smartfren to complete merger soon
The merger of Indonesian telecom service providers PT XL Axiata Tbk, PT Smartfren Telecom Tbk, and PT Smart Telecom (SmartTel) is expected to be completed before the end of this month, according to filings with the Indonesia Stock Exchange (IDX).
XL Axiata’s extraordinary general meeting of shareholders is scheduled to be held on March 25, 2025, with one of the agenda items being the approval of the said merger. Other agenda items include the approval of a name change to PT XLSmart Telecom Sejahtera Tbk (XLSmart) and structural changes to the directors and commissioners of XLSmart.
Currently, the merger is waiting approval from Indonesia’s ministry of communication and digital as well as the financial service authority (OJK), the company stated.
DealStreetAsia reported in December 2024 that the new entity, called XLSmart, is expected to have an enterprise valuation of 104 trillion rupiah ($6.5 billion), with XL Axiata as the surviving entity under the new name XLSmart. Following the merger, Axiata Group Berhad (Axiata) and Sinar Mas will become joint controlling shareholders of XLSmart, each holding a 34.8% stake, granting them equal rights in strategic decisions
Moreover, the merger is expected to generate significant cost synergies of around $300-400 million following the completion of strategic network integration and resource optimisation.
With a combined 94.51 million mobile subscribers and a market share of 27%, XLSmart is set to generate revenue of 45.4 trillion rupiah ($2.8 billion) and EBITDA of over 22.4 trillion rupiah ($1.4 billion).
Wavemaker Impact launches Zentide
Wavemaker Impact, Southeast Asia’s leading climate-tech venture builder, has launched a new venture, Zentide, with a $525K investment. Zentide focuses on transforming tropical seaweed into sustainable biostimulants and biofertilisers.
Led by founder and CEO Zachary Nice, Zentide aims to create natural, scalable solutions for modern agriculture. By leveraging tropical seaweed as a resource, its products improve soil health, reduce reliance on synthetic fertilisers, and enhance climate resilience.
“Zentide’s vision is to unlock natural resources for sustainable agriculture, reduce emissions, and uplift coastal communities,” said Nice.
With Wavemaker Impact’s investment, Zentide will enhance product development, expand operations across Indonesia, and form strategic partnerships to maximise its reach. The company is actively seeking collaborations to advance sustainable agriculture and environmental responsibility.
