Telenor and CP Group’s Thai telecom unit will bring together $ 8.6 billion Reuters

Reuters. File photo: Telenor’s flag flies next to the company’s headquarters in Fornebu, Norway, June 1, 2017. REUTERS / Ints Kalnins / File photo

(Reuters) – Norway’s Telenor and Thailand’s Charoen Pokfund Group (CP Group) have agreed to merge their telecom units in Thailand, the Oslo-based company said in a statement on Monday, in a deal worth about 282.8 billion baht ($ 8.61 billion). .

The deal, which Telenor flagged off on Friday, will integrate Telenor’s Total Access Communications (DTAC) and CP Group’s True Corporation’s telecom operations.

The 47.76 baht (1.45) share offer represents a 15.8% premium in Dtac’s last close to Friday and the 5.09 baht (15 0.1549) share offer represents a 17.8% premium in True’s closing on Friday.

Telenor and CP Group will aim to own about one-third of the shares in the merged entity, the company said.

Shares of both Dtac and True rose on Monday.

The combined company will be listed on the Thai Stock Exchange.

(1 = 32.8600 baht)

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