Gerard Hekker

Jaya Malhotra

SINGAPORE, 12 February 2020 – Duane Morris & Selvam LLP advised PT Profesional Telekomunikasi Indonesia (Protelindo), the largest owner and operator of telecommunication towers in Indonesia, on its latest sale and leaseback acquisition of towers, amounting to IDR 2.248 trillion or approximately US$164 million.

Protelindo, the largest independent tower company in Indonesia, is a subsidiary of PT Sarana Menara Nusantara Tbk (IDX TOWR).

On 7 February 2020, Protelindo signed a sale and purchase agreement for 1,728 towers from PT XL Axiata Tbk with over 2,600 total tenancies. XL Axiata has also signed a 10-year master tower lease agreement for its anchor tenancies. XL Axiata is a leading Indonesia-based mobile telecommunications services operator in Indonesia.

This transaction is expected to be completed by the end of the first quarter of 2020.

The Duane Morris team was led by Gerard Hekker, partner in Duane Morris LLP and director at Duane Morris & Selvam LLP, whose practice focuses on M&A and capital markets work in the telecoms, finance and resource industries, and included associate Jaya Malhotra of Duane Morris & Selvam LLP.

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