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True-DTAC merger delayed to Q1 2023

22 Nov 2022

The planned merger between True and DTAC will not take place by the end of 2022 as originally planned, according to DTAC’s majority owner Telenor. In a press release, Telenor noted that the deal called for a voluntary tender offer (VTO) for shares in the merged company, subject to conditions precedent, which were not met within the timeframe (by 22 November 2022). Telenor said that it ‘believes in the benefits from the merger and continues to actively support the amalgamation of DTAC and True’. Telenor and True’s majority owner, Thai agribusiness conglomerate Charoen Pokphand Group, continue to target an equal ownership share of around 30% of the merged company. The parties aim to complete the transaction within the first quarter of 2023.

According to TeleGeography’s GlobalComms Database, in November 2021 True Corp and DTAC agreed to merge their operations as they seek to topple Advanced Info Service (AIS) and create a new market leader. When completed, the enlarged MNO is likely to be worth an estimated USD8.6 billion.

Thailand, Digital Total Access Communication (DTAC), Telenor Group, True Corp

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