Heaptalk, Jakarta — On Tuesday (03/25), two telecommunications companies, XL Axiata (EXCL) and Smartfren Telecom (FREN), including PT Smart Telecom (SmartTel), officially merged with shareholder approval. This merger has resulted in the creation of a new brand called XLSmart.
Antony Susilo, Director and Chief Financial Officer of XLSmart, stated that the company will focus on integration and developing new business ventures. Currently, XLSmart is developing several plans and strategies to ensure seamless operational integration, including those for employees. Additionally, we are focused on creating a new business. ” We are currently in the development stage,” Antony explained.
Antony further added that, XLSmart is targeting a positive synergy of US$1.5 billion in the coming years. The combined pre-synergy value is expected to reach Rp104 trillion or US$6.5 billion, with an estimated EBITDA of Rp22.5 trillion.
Furthermore, XLSmart projects that it will be able to attract a total combined customer base of 94.5 million, with a combined market share of 25%. The effective date of the XLSmart merger will be April 16, 2025. This merger has been approved by the Indonesia Stock Exchange (IDX), the Financial Services Authority (OJK), and the Ministry of Communication and Digital Affairs of the Republic of Indonesia.
Earlier, the announcement of the merger between these two companies was made following the Extraordinary General Meeting of Shareholders (EGM). The meeting was held by each entity, EXCL and FREN, on March 25, 2025.
