Hong 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.The sun sets behind a construction site in Central Jakarta, Indonesia August 24, 2016.
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