Cutting ties: Verizon ends relationship with Thai conglomerate

18 Jul 2003

Verizon Communications sold off its 10% stake in Thailand’s TelecomAsia (TA) yesterday, putting an end to its difficult relationship with Charoen Pokphand (CP), the company’s parent group. Verizon had originally paid USD350 million for the strategic stake in 1992 but has sold it for USD38.49 million, well below market value. The shares were bought by the CP group, raising their stake in TA from 41 to 47%.