Axiata Group has welcomed Mitsui as a new strategic partner at its Cambodian subsidiary Smart Axiata. Axiata has entered into a definitive agreement with Mitsui and its affiliate which will see the parties collectively emerge as a 10 percent strategic partner in Smart. Following the completion of the transaction, Axiata will continue to hold the controlling and majority interest in Smart, with an 82.5 percent stake.
The total transaction consideration of USD 66 million is based on an equity value of USD 724 million after factoring additional cash received from dividends as part of the transaction structure. Under the terms of the agreement, Axiata has also granted Mitsui a call option to acquire an additional 10 percent interest, exercisable within 12 months from the completion of the transaction. The transaction is expected to close by end-May.
