Tower Bersama Infrastructure (TBIG) acquired 2500 towers from Indosat (ISAT) in mid 2012 for US$406 million when rupiah was Rp9400/USD or about Rp1.52 billion per tower. Two weeks ago, Solusi Tunas Pratama (SUPR) acquired 3500 towers from XL Axiata (EXCL) for Rp5.6 trillion or Rp1.6 billion per tower. Some believe the latest deal benefits EXCL more than SUPR. Why?

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