Telenor merges operations in Thailand with major player – E24

Telenor merges operations in Thailand with major player – E24

Telenor and CP Group have agreed to merge dtac and True into a new telecommunications and technology company in Thailand.

Telenor CEO Sigve Brekke


The two parties entered into an agreement to explore the possibility of establishing a new telecommunications and technology company consisting of True and dtac. The new company was formed by the merger of two equal parties, and will build on the strengths of the two local companies with the strong support of its major shareholders. Message From night until Monday.

Pioneering role in digitization

We have witnessed the accelerated digitization of the Asian community, and in the future both consumers and businesses expect more advanced, high-quality products and services, says Sigve Brekke, CEO of Telenor Group.

We believe that the new company can take advantage of digital transformation to support Thailand’s leading role in digitization. We will do this by embracing global technological developments and by offering attractive services and high-quality products, he continues.

The announcement states that if the deal is approved, a voluntary offer will be made of all outstanding shares in dtac and True, followed by a merger of the companies into a new company.

The proposed offer price gives the value of Dtac around 113 billion baht, equivalent to about 31 billion kroner. The offer price at True gives the company a value of about 170 billion baht, which is equivalent to about 46 billion kroner.

In total, the companies are valued at about NOK 77 billion.

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It will raise up to $1.8 billion

– Over many years, we have built a close relationship with both Thailand and the Asian region, and this cooperation will strengthen them, says Jürgen A. Rostrop, Executive Vice President of Telenor Group and President of Telenor Asia.

It is reported that the new company intends to raise funds with partners of 100-200 million US dollars, between 900 million and 1.8 billion Norwegian kroner. This will reportedly be used to invest in digital startups in new products and services that will benefit Thai consumers.

Important for Thailand’s development

Suphachai Chearavanont, CEO of CP Group and Chairman of the Board of Directors of True Corporation, stresses the importance of telecommunications and technology to Thailand’s development.

As a telecommunications and technology company, we can help unleash the huge potential of Thai companies and digital entrepreneurs. It will also allow us to attract the best from around the world to do business in Thailand, he says.

Listed in Thailand

An exchange rate of 10,221 real shares per dtac share has been agreed. All dtac and True shareholders will have a choice between participating in the offering or continuing as shareholders in the new company, which will be listed on the stock exchange in Thailand, the Telenor states.

The parties aim to complete the necessary agreements by the first quarter of 2022. The transaction must be approved by the respective boards of directors and shareholders. Additionally, standard regulatory approvals must be in place.

The parties acknowledge that it is not certain that the deal will be completed, she said.

key player

TrueVisions is controlled by TrueVisions, Thailand’s largest player in cable TV, and has the same internet provider as True Internet, according to Wikipedia. With TrueMove H, the company is also among the country’s largest in mobile phones.

According to E24, True reported in its latest quarterly report that it had 32 million subscribers, while dtac reported 19.3 million.

Charoen Bokphand Group – or CB Group – is the largest privately owned company in the country and operates in a number of sectors, such as real estate and food.

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Dalila Awolowo

Dalila Awolowo

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