Sidley Austin has advised Malaysia’s Axiata Group on its Indonesian subsidiary’s $865 million acquisition of rival Axis Telekom Indonesia from Saudi Telecom Company (STC), which was guided by Freshfields. 

To finance the acquisition, XL Axiata, the purchaser, secured loans from shareholders totaling $500 million, while the remaining $365 million was secured from UOB Bank, Bank of Tokyo-Mitsubishi and DBS Bank, local media reported.

The Sidley team was led by Singapore partner Gerard Hekker, while Assegaf Hamzah & Partners advised Axiata and XL on Indonesian law.

The Freshfields team advising STC and Axis was led by Dubai partner Michael Hilton. Soemadipradja & Taher acted as Indonesian counsel to the two companies.  

As part of the deal, Malaysia’s Maxis Communications divested its 14.9 percent share in Axis to STC, with Clifford Chance advising the seller.