(Telecompaper) Indonesian mobile operator XL Axiata has agreed to acquire competitor Axis Telekom Indonesia from Saudi Telecom Company (STC) and its subsidiary Teleglobal Investments. Under the agreement, Teleglobal will sell 95 percent of Axis' share capital for a cash consideration of USD 100. As part of the deal, XL will settle Axis' USD 865 million in debts. The company said that the consideration represents the enterprise value of Axis, on a cash free and debt free basis. A local Indonesian shareholder will hold the remaining 5 percent in Axis. XL said the acquisition would provide additional spectrum capacity, particularly in the 1800 MHz band, would boosts its subscriber base, and provides a stronger data focus and traction among the youthy segment. The acquisition is subject to regulatory approvals and is expected to close by 31 March 2014.