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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Chevron Corporation (CVX) reported fourth quarter profit of $5.1 billion or $2.63 per share, compared to a loss of $665 million or $0.33 per share, previous year. The company's U.S. upstream operations earned $2.97 billion, compared to $101 million, a year ago. The company said the improvement was primarily... While reporting financial results for the fourth quarter on Friday, Colgate-Palmolive Co. (CL) initiated its earnings and sales growth guidance for the full-year 2022. For fiscal 2022, the company now expects earnings per share to grow in double-digit percentage and adjusted earnings per share growth... Caterpillar Inc. (CAT), a manufacturer of mining and construction equipment, reported Friday that fourth-quarter net income more than doubled to $2.12 billion or $3.91 per share from $780 million or $1.42 per share in the prior-year quarter. Excluding special items, adjusted net income for the quarter...
Follow RTT