Reuters exclusively reports Malaysia’s Axiata in talks to buy Indonesia telco

The CEO of Malaysian telecommunications company Axiata Group Bhd told Reuters it is in talks to buy a smaller rival in Indonesia in a share-swap deal to cut costs and competition in its biggest market as COVID-19 hammers businesses. "Except for the biggest player, I can tell you right now we are talking to all for some kind of an arrangement," Axiata Chief Executive Jamaludin Ibrahim told Reuters, declining to specify a target. After PT Telekomunikasi Indonesia Tbk, Axiata unit PT XL Axiata Tbk is the second-biggest player by subscriber numbers in Indonesia.