PT Tiphone Mobile Indonesia Tbk (JKSE:TELE) agreed to acquire 99.95% stake in PT Simpatindo Multi Media from PT. PINS Indonesia for approximately IDR 500 billion on October 1, 2014. Tiphone intends to fund the acquisition with the sale of 25% Tiphone stake to PT Pins Indonesia through IDR 518.2 billion rights issue and 15% stake purchase by PT Pins Indonesia from Boquete Group SA, Inventures Capital Pte Ltd, Top Dollar Investment Ltd, and PT Simarmas Asset Management.

The deal is expected to be completed by the end of 2014. As of December 15, 2014, it is notified, that the transaction is expected to complete in the next week.