Indonesia-based telecom operator XL Axiata has agreed to sell its 3,500 telecom towers to Solusi Tunas Pratama (STP) for Rp 5.6 trillion, in an-all cash deal. As per the deal, which is expected to be concluded by end-2015, XL Axiata will also rent the towers for 10 years. XL Axiata will use the sale proceeds to pare its debt. The company had initiated the tower asset sale process to pare some of the debt it had acquired as a result of the $865 million acquisition of peer company PT Axis Telekom. J.P. Morgan and Standard Chartered Bank were the advisers to STP on the deal.
