Telenor's Thai Unit Merger Delayed
November 22 2022 - 3:22AM
Dow Jones News
By Dominic Chopping
Norwegian telecoms provider Telenor ASA said Tuesday that the
planned $8.5 billion merger of Thai telecom companies Total Access
Communication PCL and True Corp. PCL has been delayed after
conditions of the deal weren't met.
Telenor last year 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, a
one year deadline to complete a voluntary tender offer has now
lapsed.
Telenor said it still believes in the benefits of the merger and
continues to actively support the deal that would see Telenor and
CP Group have around one third each in the merged entity with the
company listed on the Stock Exchange of Thailand.
The parties now aim to complete the deal within the first
quarter of 2023.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 22, 2022 03:07 ET (08:07 GMT)
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