Telenor, CP Group Agree To Explore Creation Of New Telecom-tech Company

Telenor (TELNY.PK,TELN), on Monday announced that it has agreed with CP Group to explore the creation of a new company comprising of dtac and True in Thailand. The transaction will create a company with around 55 mill customers and pro-forma revenues of around US$6.9 billion in 2020.

Telenor believes there will be significant opportunities in Asia coming from digitalization and technical advancements in the coming years, and the proposed transaction will advance Telenor's value driven strategy to strengthen our presence in Asia.

The company noted that the transaction will be a merger of equals and will bring the best of two companies together to realise material synergies.

dtac and True will continue to run their businesses independently until the transaction is completed. The parties aim to reach the necessary agreements by the end of Q1 2022. The transaction will be subject to approvals by relevant boards and shareholders, as well as customary regulatory approvals. In addition, the parties acknowledge that there is no certainty as to the finalisation of the transaction.

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