Telenor's Thai Unit Merger Delayed

By Dominic Chopping

Norwegian telecoms provider Telenor ASA said Tuesday that the planned $8.5 billion merger of Thai telecom companies Total Access Communication PCL and True Corp. PCL has been delayed after conditions of the deal weren't met.

Telenor last year agreed to merge its Total Access Communication unit, known as dtac, with Charoen Pokphand Group's True to create a Thai telecoms company with around 55 million customers. However, a one year deadline to complete a voluntary tender offer has now lapsed.

Telenor said it still believes in the benefits of the merger and continues to actively support the deal that would see Telenor and CP Group have around one third each in the merged entity with the company listed on the Stock Exchange of Thailand.

The parties now aim to complete the deal within the first quarter of 2023.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

11-22-22 0307ET