Moody’s perspective on the latest XL tower sale to Protelindo

XL Axiata’s US$270mn tower sale to Protelindo will strengthen Protelindo’s competitive position and improve XL Axiata’s leverage

The sale of 2,500 telecommunications towers owned by mobile operator, XL Axiata Tbk (Ba1 stable), when consummated, will strengthen Profesional Telekomunikasi Indonesia’s (Protelindo, Ba1 stable) position as the largest independent tower company in Indonesia by towers and tenants. Post-acquisition, Protelindo will operate about 14,700 towers—representing a 19% share of the Indonesian tower market—with about 24,700…

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