Axiata Group Berhad (KLSE:AXIATA) has proposed the acquisition of a 66.3% stake in PT Link Net Tbk (IDX:LINK), an internet service and cable television provider in Indonesia. Axiata said it and its 66.48%-owned Indonesian unit PT XL Axiata Tbk (IDX:EXCL) have signed a non-binding term sheet with Indonesia's PT First Media Tbk (IDX:KBLV) and Asia Link Dewa Pte. Ltd. to initiate negotiations for a potential acquisition of the Link Net stake. The parties will use their best endeavours to negotiate in good faith and execute a definitive agreement, subject to the fulfilment of conditions to signing, the telecoms group said in a Bursa Malaysia filing. “If the definitive agreement is signed and subject to the fulfilment of the condition precedent under the definitive agreement, this will result in a change of control in Link Net. “[Following this], Axiata and/or XL will be required to conduct a mandatory tender offer to purchase the remaining shares in Link Net pursuant to Regulation on Acquisition of Public Companies issued by the Indonesian Financial Services Authority,” said Axiata.