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TELENOR ASA

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Telenor, Axiata Sign Deal for Previously Announced Merger of Malaysian Businesses

06/21/2021 | 01:52am EDT

By Dominic Chopping

Norwegian telecom provider Telenor ASA and Malaysian operator Axiata Group Bhd. said Monday they have successfully concluded due diligence and signed an agreement on the proposed merger of their Malaysian mobile operations, Celcom Axiata Bhd. and Digi.

The companies in April said they were in advanced talks on a proposed merger.

They said initial estimates indicate a potential value accretion through cost and capital-expenditure synergies of around $2 billion.

Axiata and Telenor will be equal partners with 33.1% ownership stake each in the merged entity, which will assume Digi's listing on Bursa Malaysia, the companies said.

The merger of Celcom and Digi will result in Axiata receiving newly issued shares in Digi representing 33.1% of the operation's enlarged issued share capital and $470 million in cash, with $400 million coming from Digi as debt in the merged entity and $70 million from Telenor, the companies said.

Completion of the transaction will be subject to the approval of both Axiata and Digi shareholders, regulatory approvals and other customary terms and conditions, the companies said.

The deal is expected to be completed by the second quarter of 2022, the companies said.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

06-21-21 0151ET

Stocks mentioned in the article
ChangeLast1st jan.
AXIATA GROUP BERHAD 0.52% 3.84 End-of-day quote.2.67%
DIGI.COM BERHAD 0.00% 4.24 End-of-day quote.2.42%
TELENOR ASA 0.00% 154.25 Real-time Quote.5.72%
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Financials
Sales 2021 113 B 12 896 M 12 896 M
Net income 2021 6 409 M 730 M 730 M
Net Debt 2021 109 B 12 391 M 12 391 M
P/E ratio 2021 33,0x
Yield 2021 6,04%
Capitalization 216 B 24 690 M 24 582 M
EV / Sales 2021 2,87x
EV / Sales 2022 2,71x
Nbr of Employees 18 000
Free-Float 46,0%
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Technical analysis trends TELENOR ASA
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 154,25 NOK
Average target price 161,84 NOK
Spread / Average Target 4,92%
EPS Revisions
Managers and Directors
Sigve Brekke President & Chief Executive Officer
Tone Hegland Bachke Chief Financial Officer
Gunn Wærsted Chairman
Ruza Sabanovic Executive VP, Head-Technologies & Services
Jon Erik Reinhardsen Director
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