PT Indosat Tbk (IDX:ISAT) entered into a memorandum of understanding to acquire PT Hutchison 3 Indonesia from Hutchison Telecommunications International Limited, PT Tiga Telekomunikasi Indonesia and Cac Holdings (Netherlands) B.V. on December 28, 2020. PT Indosat Tbk (IDX:ISAT) entered into definitive agreement to acquire PT Hutchison 3 Indonesia from Hutchison Telecommunications International Limited, PT Tiga Telekomunikasi Indonesia and Cac Holdings (Netherlands) B.V. for total transaction value of approximately $1.05 billion on September 16, 2021. Under the terms of transaction, MergeCo( The merged company post transaction) will issue 2.628769 billion shares representing approximately 32.60% of the fully diluted share capital of MergeCo at Merger Closing, and the original shareholders of Indosat prior to Merger Closing will hold the remaining approximately 67.40% of the fully diluted share capital of MergeCo at Merger Closing. The merged company will be renamed PT Indosat Ooredoo Hutchison Tbk. Tri Indonesia and Indosat, will be called Indosat Ooredoo Hutchison. The transaction is subject to customary closing conditions, including due diligence, agreement on terms, signing of definitive agreements and obtaining of all required corporate and regulatory approvals. Completion of the transaction will be subject to the approval of CK Hutchison, Ooredoo Group shareholders, regulatory approvals, having issued an effective statement on the merger plan, Indonesia Stock Exchange having issued its in-principle approval to Indosat on the listing of the New MergeCo Shares on the Indonesia Stock Exchange, necessary anti-trust approval from the European Commission having been obtained, Ministry of Communication and Informatics of Indonesia having issued its approval, Info-communications Media Development Authority of Singapore having issued its approval, approval for implementation of the Proposed Merger and the adoption of new articles of association of Indosat, each PT. Hutchison 3 Indonesia and PT Indosat delivering a confirmation letter in respect of its own creditors confirming either that no objections have been raised, completion of one or more equity injections and other customary terms and conditions. As of December 28, 2021, the Extraordinary General Meeting of Shareholders (EGMS) of Ooredoo Group held at Indosat Ooredoo's head office approved the merger. The exclusivity period for the MoU is valid until April 30, 2021. As of April 30, 2021, the exclusivity period for the MoU is extended until June 30, 2021. The exclusivity period for the MoU is valid until June 30, 2021. As of June 30, 2021, the exclusivity period for the MoU is extended until August 16, 2021. As of August 16, 2021, the exclusivity period for the MoU is extended until September 23, 2021. On September 14, 2021, assuming all approvals are received, the proposed combination is expected to be completed by the end of 2021. As on September 20, 2021, The Merger's effective date is on December 1, 2021, baring any postponement by Indosat due to late receipt of the Financial Services Authority's (OJK) or any other regulatory approvals. January 4, 2022, Ministry of Law and Human Rights issues approved the transaction.

JP Morgan is acting as exclusive financial advisor to Ooredoo Group. Goldman Sachs & Co. and HSBC are acting as joint financial advisors to CK Hutchison. Barclays is acting as financial advisor to PT Indosat Tbk. Jonathan Olier (Singapore),Michiel Visser (New York), Katarzyna Czapracka (Brussels) Jamie Franklin (Singapore) and Si Wei Chua of White & Case and Kristo Molina and Rika Rusman of Witara Cakra Advocates acted as legal advisor to Ooredoo Group. Daniel Pardede and Mita Guritno of Baker McKenzie (Indonesia) acted as legal advisor to PT Hutchison 3 Indonesia.

PT Indosat Tbk (IDX:ISAT) completed the acquisition of PT Hutchison 3 Indonesia from Hutchison Telecommunications International Limited, PT Tiga Telekomunikasi Indonesia and Cac Holdings (Netherlands) B.V. on January 4, 2022. Transaction was completed after receiving all required shareholder and regulatory approvals. Indonesia's anti-monopoly agency KPPU stated that it would analyze the merger for 90 days to determine if the transaction harms fair business competition.