News
Indonesian operator, Advantage Partners terminate acquisition process a year after it was announced.
Indonesia’s PT Telkom on Thursday announced that it is no longer working towards the acquisition of GTA Teleguam.
In a short local language statement, the telco said it and private equity firm Advantage Partners have agreed to terminate the acquisition process. It did not give a reason for the move.
Telkom Indonesia agreed to buy Advantage Partners’ stake in GTA’s parent company AP Teleguam Holdings a year ago for an undisclosed sum.
GTA is a quad-play provider serving residential, business, and government customers on the small Pacific island of Guam.
When it announced the acquisition last year, Telkom said the island is in a geographically strategic location with most of the submarine cables connecting Asia with U.S. landing there.
It also noted that Guam has a high GDP per capita and is a great adopter of new fixed and mobile technology.
The deal was due to be carried out via one of the operator’s international arms, Telkom USA.
The cancellation of the deal means that the licensing process the company was undergoing with the Committee on Foreign Investment in the U.S., Team Telecom – a U.S. government working group charged with ensuring national security – and the FCC also draws to a close. Telkom did not state whether or not this process was proving problematic.
