Advanced Info Service to Spend Over $900 Million to Buy Stakes in Broadband Companies

By P.R. Venkat

Advanced Info Service PCL is planning to spend 32.40 billion baht ($911.70 million) to acquire stakes in broadband companies in Thailand as part of its business expansion strategy.

The company will buy 99.87% stake in Triple T Broadband PCL from Jasmine International PCL for THB19.50 billion and another 19% stake in Jasmine Broadband Internet Infrastructure Fund for THB12.29 billion, AIS said Monday.

"A combined fiber network will support effective sharing that reduces unnecessary fiber network duplication and its environmental impact," AIS said.

The transaction will be funded by debt as the company has sufficient debt headroom, AIS said, adding that it expects to complete the deal within the first quarter of 2023.

The main business of Triple T Broadband is to provide communication services for voice and broadband internet data, while Jasmine International owns fiber optic assets.

Write to P.R. Venkat at [e-mail]

(END) Dow Jones Newswires

07-03-22 2232ET