Axiata expects to finalise Malaysian merger deal with Telenor imminently

16 Jun 2021

Malaysia’s Axiata Group and Norwegian telecoms giant Telenor Group are reportedly set to finalise a deal on the merger of their respective Malaysian mobile units, Reuters reports. With both companies understood to have now concluded the due diligence process, Axiata CEO Izzaddin Idris was cited as saying the pair hope to ink a final agreement soon, telling a virtual briefing: ‘The signing is a matter of days or a week.’ According to the executive, meanwhile, the merger could be completed within nine to twelve months, depending on regulatory approvals.

As previously reported by CommsUpdate, in April 2021 Axiata Group and Telenor Group announced that they were in ‘advanced discussions’ on the merger of their respective Malaysian units, Celcom Axiata and Digi Telecommunications. At that date, Axiata said that both parties would have equal ownership – estimated at 33.1% each – in the combined entity, although the Malaysian group did note that, together with Malaysian institutional funds, it would own over 51% of the enlarged operator.

Malaysia, Axiata, Celcom Axiata, Digi Telecommunications, Telenor Group