Axiata Group Berhad and its Indonesian subsidiary PT XL Axiata Tbk have signed an agreement to jointly take a 66.03 per cent stake in PT Link Net Tbk for US$606.19 million, the Malaysia telecoms group said on Thursday (Jan 27).

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The price tag on the deal has been agreed at IDR4,800 per ordinary Link Net share, or approximately IDR8.72 trillion (US$606.19 million), equivalent to about 2.55 billion ringgit, the company said.

Under the terms of a conditional share purchase agreement with Asia Link Dewa Pte Ltd and PT First Media Tbk, Axiata Investments (Indonesia) Sdn Bhd, an indirect wholly-owned subsidiary of Axiata, and XL Axiata will buy 46.03 per cent and 20 per cent stakes respectively.

Axiata Investments will then be required to undertake a mandatory tender offer to acquire the remaining shares in Link Net.

The deal values 100 per cent equity interest in Link Net at about IDR13.21 trillion.