Telenor's Thai Unit Completes Merger
March 01 2023 - 2:23AM
Dow Jones News
By Dominic Chopping
Norwegian telecoms provider Telenor ASA said Wednesday that the
merger of Thai telecom companies Total Access Communication PCL and
True Corp. PCL has now completed.
Telenor in 2021 agreed to merge its Total Access Communication
unit, known as Dtac, with Charoen Pokphand Group's True to create a
Thai telecoms company.
The new company, named True Corporation Public Company Limited,
will serve an estimated 55 million mobile customers, 5 million
broadband connections and 3.2 million pay-tv subscribers, and have
a revenue of around $6.2 billion and earnings before interest, tax,
depreciation and amortisation of around $2.4 billion, based on
proforma 2022 figures, it said.
As previously announced, Telenor has acquired shares for a total
of around 3 billion Norwegian kroner ($288.8 million) in the new
company, which will result in an ownership share of 30.3%.
Telenor said it expects to book an accounting gain of around
NOK20 billion from the merger to be recognised in the first quarter
of 2023.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
March 01, 2023 02:08 ET (07:08 GMT)
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