Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.
November 22, 2021
(Reuters) – Norway’s Telenor and Thailand’s Charoen Pokphand Group (CP Group) have agreed to merge their telecom units in Thailand, the Oslo-based company said in a statement on Monday, in a deal valued at about 282.8 billion baht ($8.61 billion).
The deal, which Telenor had flagged on Friday, would merge the telecom operations of Telenor’s Total Access Communication (Dtac) and CP Group’s True Corporation.
The offer of 47.76 baht ($1.45) a share represents a premium of 15.8% to Dtac’s last close as of Friday and the offer of 5.09 baht ($0.1549) a share represents a premium of 17.8% to True’s close on Friday.
Telenor and C.P. group will aim for an ownership share of around one-third each in the merged entity, the company said.
Shares of both Dtac and True were up on Monday.
The combined company will be listed on the Thai stock exchange.
($1 = 32.8600 baht)
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Muralikumar Anantharaman)
To continue reading this news article, follow the link to the news website. For any inquiries, contact Amnon Free Press (Amnon Jobi Jakony) by writing to editor [at] amnonfreepress.com. Discover a world of hyper-local news below.