Singapore: Leading international law firm Clifford Chance has advised Maxis Communications Berhad on the divestment of its 14.9% share in PT Axis Telekom Indonesia (AXIS) to Saudi Telecom Company (STC). The divestment dovetailed with the acquisition by PT XL Axiata Tbk (Axiata) of a majority stake of Axis from STC.

The acquisition by Axiata has a 100% enterprise value of US$865 million on a cash free and debt free basis.

Corporate partner Lee Taylor who led on Maxis' divestment said, "We are delighted to have assisted Maxis on another significant transaction. The M&A market in Indonesia continues to be very active, particularly in consumer-oriented industries such as telecommunications, banking and food & beverage."

Axiata is one of Indonesia's leading telecommunications provider with over 65 million subscribers.

Lee was supported by counsel Sze-Shing Tan.