November 4, 2014 / 2:46 AM / 5 years ago

Indonesia's Bakrie Telecom to merge network business with Smartfren

JAKARTA (Reuters) - Indonesian telecommunication operators PT Bakrie Telecom Tbk and PT Smartfren Telecom Tbk will merge their network operations in a deal that will make Bakrie Telecom one of Smartfren’s shareholders.

The companies did not say how big a stake Bakrie Telecom will own in Smartfren or how much the deal was worth.

Bakrie Telecom will rent the network operated by Smartfren to serve its customers, the companies added in separate stock market filings late on Monday.

Bakrie Telecom is being sued by three bondholders in New York after allegedly failing to make two interest payments on a $380 million bond. Its Indonesian supplier had asked a Jakarta court to supervise its debt restructuring process.

Reporting by Eveline Danubrata; Editing by Miral Fahmy

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