Axiata to sell 10% stake in Smart Cambodia to Mitsui for $66mn

Axiata Group Berhad, one of Asia’s largest telecommunications group in Malaysia, entered into a definitive agreement with Mitsui Co Ltd, one of the largest Japanese trading houses, to sell 10% of its interests in Smart Cambodia at $66mn. The total transaction consideration of $66mn is based on an equity value of $724mn after factoring additional cash received from dividends as part of the transaction structure, according to the company’s statement. Under the agreement, Axiata has also granted Mitsui a call option to acquire an additional 10% interest, exercisable within 12 months from the completion of the transaction, it said. Tan Sri Jamaludin Ibrahim, president and group CEO of Axiata, said the partnership with Mitsui would support the growth efforts of Smart, particularly in the areas of digital services and internet of things (IoT) and the vision of becoming a “new generation digital champion”. (Source: Khmer Times)