Axiata Group Bhd and Telenor ASA have mutually agreed to end talks on a non-cash combination of their telecom and infrastructure assets in Asia.
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Both parties had been working on due diligence and finalising transaction agreements over the last four months, for completion within the third quarter of 2019, Axiata said in a statement last week.
Axiata chairman Tan Sri Ghazzali Sheikh Abdul Khalid said the board had acknowledge the strong strategic rationale of the proposed transaction and was equally cognisant of the level of complexity of such a deal that extends across nine countries and 14 major entities.
“Regardless of the expressed synergies of the merger, we are confident that the termination of the proposed transaction does not affect the group in achieving its Digital Champion ambitions," he said.
Axiata president and group chief executive officer Tan Sri Jamaludin Ibrahim said the group continued to be a growth story and remained one of the largest mobile operators in the region.
“Today, we are operating from a position of strength, with all eight operating companies performing well and looking cautiously optimistic to meet our 2019 KPIs (key performance indicators)," said Jamaludin.
He added that Axiata would continue to actively explore possible consolidation and portfolio optimisation opportunities to extract synergies, maximise efficiency and fund future growth areas.
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