Telenor Thai Unit Merger on Track To Close in 1Q23
January 12 2023 - 5:13AM
Dow Jones News
By Dominic Chopping
Norwegian telecoms provider Telenor ASA said Thursday that the
planned $8.5 billion merger of Thai telecom companies Total Access
Communication PCL and True Corp. PCL is moving into the final
phase, with completion expected within the first quarter of
2023.
Telenor in 2021 agreed to merge its Total Access Communication
unit, known as dtac, with Charoen Pokphand Group's True to create a
Thai telecoms company with around 55 million customers. However,
the deal has been delayed after failing to meet certain conditions
within last November's one year deadline.
The boards of both companies have now approved to call for a
joint shareholder meeting on Feb. 23, to conclude on final matters
before closing.
Telenor and Charoen Pokphand Group are aiming for an ownership
share of around one third each in the merged entity, with the
company listed on the Stock Exchange of Thailand.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
January 12, 2023 05:58 ET (10:58 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Telenor ASA (QX) (USOTC:TELNY)
Historical Stock Chart
From Apr 2024 to May 2024
Telenor ASA (QX) (USOTC:TELNY)
Historical Stock Chart
From May 2023 to May 2024