Indonesia's XL Axiata hopes to complete the sale of some of its telecom towers by the end of the year.
The operator's vice president of corporate communications has revealed that the company is finalizing the bidding process for the tower assets, the Jakarta Postreported.
XL Axiata announced in July that it plans to sell off some of its tower assets to repay debt accrued from its $865 million acquisition of rival Axis Telecom.
The operator is hoping to raise around $500 million from the transaction. XL took out a $500 million loan from parent Axiata Group to help pay for the Axis acquisition.
The offer has attracted multiple bidders including PT Solusi Tunas Pratama and PT Tower Bersama Infrastructure, the latter of which has set aside $1.8 billion for the potential acquisition.
XL Axiata has around 8,000 telecom towers, and hasn't publicly specified how many it's willing to part with.