True Corporation Public Company Limited (SET:TRUE) signed memorandum of understanding to acquire Total Access Communication Public Company Limited (SET:DTAC) from Telenor Asia Pte. Ltd. for approximately THB 100 billion in a merger of equals transaction on November 20, 2021. True Corporation Public and Total Access Communication entered into an agreement to create a new telecom-tech company on February 18, 2022. Post completion, a combined net entity will be established, supported by sponsoring shareholders Charoen Pokphand Group and Telenor Group. The transaction is subject to obtaining approvals from Board of Directors of True Corporation Public & Total Access Communication, their shareholders approvals, satisfactory due diligence and customary regulatory approvals. True Corporation Public & Total Access Communication filed a merger notification with the National Broadcasting and Telecommunication Commission. The Board of Directors of True Corporation Public & Total Access Communication has approved the amalgamation following the completion of the merger due diligence. Upon satisfaction of certain conditions, True Corporation Public Company Limited will make volunteer tender offer. As of April 4, 2022, shareholders of True Corporation Public Company Limited and Total Access Communication Public Company Limited has approved the transaction. The House panel and several consumers protection organisations have voiced opposition to the merger, fearing the deal would lead to a duopoly in the telecom industry at the cost of consumers. Anudit Nakhonthap, chairman of the ad hoc House panel considering the possible impacts from the True-DTAC merger, asked for indefinitely suspend the planned merger. Thailand's Central Administrative Court has dismissed a petition, seeking to put a hold an announcement by the National Broadcasting and Telecommunications Commission (NBTC) giving the green light to the merger plan between two mobile phone service providers. On July 22, 2022, Total Access Communication Public Company reports in the Thai media about concerning alleged voting by the National Broadcasting and Telecommunications Commission (“NBTC”) sub-committees, which are reviewing the proposed amalgamation between the Company and True Corporation Public Company Limited. Subcommittees appointed by the National Broadcasting and Telecommunications Commission (NBTC) to consider the proposed merger of True Corporation and Total Access Communication (DTAC) have voted against the corporate amalgamation of the mobile network operators. DTAC would like to confirm that the Company has not received any reports or findings by the NBTC or any of its sub-committees concerning any voting on the Amalgamation. NBTC review process is still under consideration. On August 3, 2022, National Broadcasting and Telecommunications unanimously decided to defer a decision on the merger Commission and they would need more information before making a decision on measures to prevent monopolistic or unfair trade practices as information submitted for merger is inadequate and not comprehensive enough to design measures to protect consumers and to prevent possible damage to the telecom industry. As of October 20, 2022, the transaction is approved by Thailand's telecommunications regulator. As of October 25, 2022, the transaction is acknowledged by the National Broadcasting and Telecommunications Commission and prescribing conditions or specific measures for supervision of the Amalgamation, whereby Total Access Communication will consider such conditions or specific measures in order to reach appropriate conclusions for further steps. The transaction is expected to close within 2022. As of November 22, 2022, The parties aim to complete the transaction within the first quarter of 2023. As of January 27, 2023, True Corporation Public Company Limited board of directors meeting held related to the merger and approved the change of the date of the Joint Shareholders Meeting from February 23, 2023 to February 22, 2023.

J.P. Morgan acted as financial advisor to C.P. Group's True Corporation and Citigroup acted as financial advisor to TelenorSuparerk Auychai, James Mythen and Arthit Hemara of Allen & Overy LLP acted as legal advisor to True Corporation Public Company Limited. TISCO Bank Public Company Limited acted as financial advisor to Total Access Communication Public Company Limited. Ernst & Young LLP acted as financial & tax due diligence provider for Total Access Communication Public Company Limited and Telenor Asia Pte.

True Corporation Public Company Limited (SET:TRUE) completed the acquisition of Total Access Communication Public Company Limited (SET:DTAC) from Telenor Asia Pte. Ltd. on March 1, 2023. Linklaters (Thailand) Ltd acted as legal advisor to True Corporation Public Company Limited.