CK Hutchison last wek announced that it has agreed with Ooredoo to extend the period to pursue negotiations on a potential transaction to combine its Hutchison 3 Indonesia and Indosat, a subsidiary of Ooredoo, on an exclusive basis until midnight, Hong Kong time, on 16 August 2021.
In January, CK Hutchison entered into an agreement with Ooredoo to combine their Indonesian telecommunications businesses on an exclusive basis until 30 April 2021.
The combination of Indosat and 3 Indonesia would bring together two of Indonesia’s leading mobile telco brands to create a new world-class digital telecommunications company. The combined company would have the scale and financial capabilities to drive innovation and accelerate the transformation of Indonesia into a digital society.
While substantial progress has been made and substantive agreement has been reached on a number of key commercial issues, additional time is needed by the parties to finalise definitive agreements and, once finalised, to seek their respective internal corporate approvals. Pending and subject to such approvals, no decision has been taken to proceed with any transaction.