Telenor Thai Unit Merger on Track To Close in 1Q23

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)

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