Norway's Telenor and Thai conglomerate Charoen Pokphand Group (CP Group) agreed to merge their telecom units in Thailand in a roughly $8.6 billion deal to create a firm with more than half the mobile subscribers in the Southeast Asian country.
, which controls AIS, though Gulf Energy has only managed to raise its stake in Intouch to 42.3% so far.
Telenor and CP Group's merged company will have "revenue market share in the low 40% that is similar to AIS," Telenor CEO Sigve Brekke told media. "AIS is still a big brother when it comes to profitability so we will learn as we go."Shares of Thai telecoms firms after Total Access/True merger deal "Telenor's decision to amalgamate its Thailand holdings with True is hardly surprising, given its ASEAN subsidiary's M&As and exits," analyst Thapana Phanich said in a co-branded research report from Jefferies and TISCO Securities, referring to a similar deal struck in Malaysia earlier this year.Telenor believes regulators will view the deal favourably, Chief Financial Officer Tone Hegland Bachke told a conference call.The offer of 47.
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