· Telekomunikasi Indonesia (Telkom) gave more light on its plan to acquire Bakrie Telecom where Telkom will swap its CDMA based business, Telkom Flexi, with Bakrie Telecom’s share. The shares will be obtained by absorbing all of Bakrie Telecom right issue shares. The implementation is scheduled to be conducted in December this year. This step was elaborated by the Minister of SOE yesterday.
· It is still difficult to obtain picture of the merged company as there could a difference in both company’s current strategies and resources as well.
· Currently, TLKM is trading at 2011F consensus PER of 13.2x and EV/EBITDA of 4.9x, while BTEL at 2011F consensus PER of 32.4x and EV/EBITDA of 6.4x.
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