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Report: Axiata to halt M&A push after failed Telenor deal talks

Axiata Group Bhd. has decided to slow down on its M&A activity in the near term, a month after calling off a merger with Telenor ASA's Asian operations, Bloomberg News reported, citing sources.

The Malaysian carrier, which seeks to boost its operational efficiency, will not pursue formal talks on any offer for its wireless tower assets or its Indonesian business at least before year-end, the report said. It may reportedly revisit some of the offers in 2020 when it has improved its financial standing.

Several investors are reportedly eyeing Axiata's wireless tower unit edotco Group Sdn. Bhd., which could be valued at about $3 billion. Hong Kong's CK Hutchison Holdings Ltd., meanwhile, is in initial talks for a potential merger of its Indonesian telecom business with PT XL Axiata Tbk.

CEO Jamaludin Ibrahim said Axiata still considers M&A as part of its long-term strategy, according to Bloomberg News. The telco expects merger deals for its Indonesian and Malaysian operations to happen within three to five years.