ABSTRACT
Telecommunications companies have reached a critical point. A high level of investment, competition from technology companies, and dynamic customer behavior mean companies must strategize in order to continue to grow. PT XL Axiata Tbk (XL) conducted a merger and acquisition with PT Axis Telekom Indonesia (AXIS) in 2014. This research connects it with two companies engaged in the analysis field after the acquisition. Evaluations carried out in this study were published in the XL period before acquisition (2011–2013) up to five years after acquisition (2014–2018). Based on the results of the synergy effects, the value of the acquisition transaction was higher than the fair market price, and the results of revenue synergies and the synergy of cost for several aspects showed positive values, while financial synergy found a negative value.
