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Norway-based telecom major Telenor has completed the merger of Dtac and True, two of the largest telecom operators in Thailand, according to a statement. Both firms are owned by Telenor, and True also runs the TrueMoney e-wallet in the country.
The resulting entity, called True Corporation, will have an enterprise value of more than US$20 billion, making it the largest telco merger in Southeast Asia, Telenor said. It was valued at about US$8 billion when it began trading in Thailand on March 3.
True Corporation also aims to raise US$200 million in funding to support “promising digital startups” that benefit Thai consumers.
Combined, True and Dtac served an estimated 55 million mobile customers, 5 million broadband connections, and 3.2 million pay TV subscribers for financial year 2022.
Apart from Telenor, Charoen Pokphand Group is also a principal shareholder of the new entity. Both firms own a 30.3% stake in True Corporation.
This development follows Telenor’s merger with Malaysia-based telecom conglomerate Axiata late last year to form Celcom Digi, with both companies taking a 33.10% stake.
“With the completion of the mergers in Thailand and Malaysia, Telenor is expanding its role in Asia, serving over 200 million customers through leading local champions,” noted Jørgen Arentz Rostrup, executive vice president of Telenor Group and head of Telenor Asia.
See also: Alibaba-backed TrueMoney wants to be Thailand’s everyday app for financial services
Editing by Thu Huong Le and Lorenzo Kyle Subido
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