Goldman Is Said Among Banks Picked for $30 Billion Telkom Merger

PT Telkom Indonesia has picked advisers for the merger of its broadband and wireless businesses as part of an overhaul of the state-owned telecommunications group.

The Jakarta-listed company has appointed Indonesian financial group PT Bank Mandiri to work on the transaction, President Director Ririek Adriansyah said in response to a Bloomberg News query. Telkom has also picked Goldman Sachs Group Inc. to help with the process, according to people familiar with the matter. A merger of the businesses would create an entity valued at more than $30 billion, the people said.

The mobile unit, known as Telkomsel, is 65% owned ...