I Squared Capital and Macquarie are said to be among the bidders looking to acquire a $1bn stake.
Final bids are expected by April, though sources indicate that the transaction details, including the stake size and timeline, may still change depending on market conditions.
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Sources say that other bidders include the largest independent telecom tower operator in Indonesia, Profesional Telekomunikasi (Protelindo).
Indonesia is attracting interest from both investors and private equity firms eager to expand in Indonesia’s fast-growing digital infrastructure sector.
In December last year, Indosat hired Citigroup to manage the possible sale. At the time, it was reported that the company would begin the process after the general elections which took place in February awaiting policy guidance from the new government.
Indosat and Citigroup declined to comment on the matter. I Squared and Macquarie also refrained from making public statements.
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