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Telenor and CP Group to merge Thai telecom units for $8.6 billion -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Telenor’s flag is seen flying near the headquarters of Telenor in Fornebu (Norway), June 1, 2017. REUTERS/Intskalnins/File photo

(Reuters) – Telenor Norway and Charoen Pokphand Group Thailand (CP Group), have reached an agreement to merge their Thai telecom units, Oslo-based company announced Monday in a statement. The deal is valued at approximately 282.8 billion baht ($8.61 million).

Telenor announced the deal on Friday. It would combine Telenor’s Total Access Communication, (Dtac), and CP Group’s True Corporation telecom operations.

A share of 47.76 Baht ($1.45) represents an increase of 15.8% over Dtac’s closing price on Friday. The same applies to the share of 5.09 Baht ($0.1549), which represents a premium 17.8% above True’s Friday close.

Telenor and C.P. The company stated that Telenor and C.P. will seek to have a share of approximately one-third in each entity merged.

On Monday, shares of Dtac as well as True rose.

The Thai stock market will list the company.

($1 = 32.8600 baht)

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