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InvestmentsTelenor, CP Group to merge Thai telecom units in $8.6 billion deal...

Telenor, CP Group to merge Thai telecom units in $8.6 billion deal By Reuters

¬© Reuters. FILE PHOTO: Telenor flag flutters subsequent to the corporate’s headquarters in Fornebu, Norway, June 1, 2017. REUTERS/Ints Kalnins/File Photo

BANGKOK (Reuters) -Norway’s Telenor and Thailand’s Charoen Pokphand Group (CP Group) have agreed to merge their telecom units in Thailand in a deal valued at 282.8 billion baht ($8.6 billion) to create a brand new market chief in the Southeast Asian nation.

The deal, which Telenor flagged on Friday, would merge the operations of Telenor’s Total Access Communication (DTAC) and CP Group’s True Corporation.

The announcement by the businesses despatched shares of DTAC and True Corp up 10% and 11.5%, respectively, on Monday.

The Thai benchmark was up 0.3%.

The supply of 47.76 baht ($1.45) per DTAC share represents a premium of 15.8% to its Friday shut and the supply of 5.09 baht ($0.1549) per True Corp share represents a premium of 17.8% to its shut on the identical day.

“We need to enable faster and more value-creation from the network, delivering new technologies and innovations to customers,” CP Group CEO Suphachai Chearavanont stated.

“This means the transformation of Thai businesses into tech-based companies is a vital step to maintain competitive edge amidst global competitors.”

Telenor and CP Group will purpose for an possession share of round one-third every in the merged entity, the businesses stated.

The merged entity, topic to regulatory approvals, would turn into a market chief with about 52% of subscribers in the nation, surpassing Advanced Info Service Pcl (AIS).

AIS shares rose 6%.

The mixed firm can be listed on the Thai inventory change.

($1 = 32.8600 baht)

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