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TELENOR ASA

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Telenor, Charoen Pokphand Group Explore Merger of Thai Telecom Units

11/22/2021 | 02:52am EDT

By Dominic Chopping

Norwegian telecom provider Telenor ASA said Monday that it and Thai conglomerate Charoen Pokphand Group have agreed to explore a potential merger of the telecom operations of Total Access Communication PCL and True Corp. in Thailand.

Total Access Communication, known as dtac, is Telenor's mobile-phone provider in Thailand. True's telecom operations form part of CP Group's True communications group in the country.

Telenor said it believes there will be significant opportunities in Asia coming from digitalization and technical advancements in the coming years, and the proposed transaction will create a company with around 55 million customers and pro forma revenue of around $6.9 billion in 2020.

If the transaction proceeds, it will be a merger of equals and will consist of a conditional voluntary tender offer for dtac and True, followed by an amalgamation of the two companies, the company said.

The per-share offer price for dtac will be 47.76 Thai baht ($1.46), which represents a 25% premium to the one-month volume-weighted average price, and the offer price for True will be THB5.09, which also represents a 25% premium to the one-month VWAP, the company said.

The agreed exchange ratio is 10.221 True shares per dtac share, the company said.

Telenor and CP Group will aim for an ownership share of around one third each in the merged entity, with the company listed on the Stock Exchange of Thailand. The parties aim to reach the necessary agreements by the end of the first quarter of 2022, the company said.

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

(END) Dow Jones Newswires

11-22-21 0252ET

Stocks mentioned in the article
ChangeLast1st jan.
SET -0.01% 1584.38 Real-time Quote.-4.42%
TELENOR ASA 0.44% 126.65 Real-time Quote.-9.02%
TOTAL ACCESS COMMUNICATION PUBLIC COMPANY LIMITED 1.18% 42.75 End-of-day quote.-6.56%
TRUE CORPORATION PUBLIC COMPANY LIMITED 1.88% 4.34 End-of-day quote.-9.21%
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Analyst Recommendations on TELENOR ASA
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Financials
Sales 2022 111 B 11 330 M 11 330 M
Net income 2022 12 896 M 1 319 M 1 319 M
Net Debt 2022 105 B 10 766 M 10 766 M
P/E ratio 2022 13,8x
Yield 2022 7,52%
Capitalization 176 B 18 043 M 18 043 M
EV / Sales 2022 2,54x
EV / Sales 2023 2,48x
Nbr of Employees 16 000
Free-Float 46,0%
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Mean consensus HOLD
Number of Analysts 19
Last Close Price 126,10 NOK
Average target price 146,11 NOK
Spread / Average Target 15,9%
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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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