Bangkok, Thailand – Telenor Group has agreed to sell its stake in Thailand’s True Corporation in a transaction valued at approximately NOK 39 billion (US$4.07b).
The company has signed an agreement with Arise Digital Technology Company Limited to sell 24.95 percent of its shares in True at THB 11.70 per share. The deal also includes a mutual put and call option for the sale of Telenor’s remaining 5.35 percent stake two years after the initial transaction closes, at the higher of THB 11.70 per share or the market price prior to the option period.
“We are pleased to have reached an agreement with Arise about the sale of our stake in True and I would also like to extend a special thanks to True’s employees and customers. We are confident that the engaged people in True will continue to grow and innovate for its around 60 million customers,” said Benedicte Schilbred Fasmer, chief executive officer of Telenor.
“We are committed to sustaining our positive momentum, delivering profitable growth and value creation in True in the years ahead. We appreciate the close cooperation we’ve had with Telenor in signing the definitive agreements,” said Suphachai Chearavanont, owner of Arise.
Telenor entered the Thai market in 2000 through its investment in Total Access Communication (dtac). In 2023, dtac merged with True to form True Corporation, which is listed on the Stock Exchange of Thailand.
“Before the 2021 merger talks, our shareholding in Thailand was valued at NOK 12 billion. Today the value of our shareholding stands at some NOK 39 billion, based on the agreed sale price and the current exchange rate. Together with our partner True Corporation we have established market leadership in Thailand while also generating shareholder value,” said Schilbred Fasmer.
Proceeds from the sale are expected to total THB 100.9 billion, or approximately NOK 32.3 billion. Exercising the option for the remaining shares would generate an additional THB 21.9 billion, or around NOK 6.9 billion.
Telenor expects to recognise an accounting gain of approximately NOK 14.7 billion at the closing of the initial sale. The transaction is subject to customary conditions and is expected to close within a few months.
