Pada 15 Mei lalu, XL Axiata (EXCL) dan Smartfren (FREN) menandatangani MoU non-binding untuk menjajaki merger menjadi satu entitas baru. Jika merger tersebut terealisasi, entitas baru tersebut akan menjadi operator seluler terbesar ke-3 di Indonesia dengan potensi pelanggan sebanyak 94 juta orang.
Menurut kabar, entitas hasil merger tersebut akan dikuasai oleh Grup Axiata (yang menguasai 66,2% saham EXCL) dan Grup Sinarmas (yang memegang 60% saham FREN). Merger tersebut akan dilakukan dengan struktur share swap (transaksi non tunai), serupa dengan merger ISAT dan Hutchinson pada tahun 2022.
Jika kesepakatan tersebut terwujud, tim riset Samuel Sekuritas memperkirakan rasio net gearing EXCL akan membaik menjadi 1,4x (dari 1,7x), didukung berkurangnya biaya menara telekomunikasi seiring dengan konsolidasi coverage menara yang tumpang tindih (setelah merger, EXCL dan FREN akan memiliki total BTS sekitar 125 ribu).
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