Malaysian telecommunications company Axiata Group Bhd has acquired Cambodia-based telecommunications company Latelz Company Limited for $155 million. Axiata will merge the newly acquired unit with its subsidiary, Hello Axiata Company Limited. Axiata will hold a 90 per cent stake in the merged entity and Timeturns Holdings Limited, the parent company of Latelz, will own the remaining 10 per cent. Axiata will pay for the acquisition through a combination of internal cash and debt from existing financial facilities, with Bank of America-Merrill Lynch serving as Axiata’s sole financial adviser for the transaction. The merger should be completed by March 2013.
