Qatar’s Ooredoo and CK Hutchison agreed a deal to combine their Indonesian mobile carriers, forming a $6 billion number two player. If past industry deals are a guide, this combination will lift rivals’ revenue and cut their costs too: JennHughes13
Combining CK Hutchison’s local 3 unit with Ooredoo’s Indosat produces a $6 bln No. 2 player and synergies of $400 mln. If past industry tie-ups in similar markets are a guide, the Hong Kong and Qatari groups’ deal will also lift rivals’ revenue and cut their costs too.
Context NewsHong Kong's CK Hutchison and Qatar's Ooredoo have agreed to merge their Indonesian telecom units – Hutchison 3 Indonesia and Indosat - in a $6 billion deal, the two said on Sept. 16. The merged entity will become the second-biggest player in Indonesia’s mobile market with revenue of about $3 billion, ranking behind state-backed Telkomsel, which controls around half of the market.
The two companies said they expect to be able to find around $300 million to $400 million-worth of annual run-rate pre-tax synergies over three to five years.The two will retain a 65.6% stake in the newly named Indosat Ooredoo Hutchison, which will remain listed on the Indonesian Stock Exchange.
Source: REUTERS/Darren WhitesideThe sun sets behind a construction site in Central Jakarta, Indonesia August 24, 2016. Read more: ReutersBreakingviews »
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