Based on a statement, the merger of Dtac and True, two of the biggest telecom operators in Thailand, has been completed by telecom giant Telenor, based in Norway. Telenor is the owner of both businesses, while True is the local operator of the TrueMoney e-wallet.
According to Telenor, the combined company, dubbed True Corporation, will be the largest telco merger in Southeast Asia with an enterprise value of more than $20 billion. When it started trading in Thailand on March 3, it had a market value of around $8 billion.
Also, True Company wants to invest $200 million to fund "promising digital entrepreneurs" that will help Thai customers. For the fiscal year 2022, True and Dtac together provided an anticipated 55 million mobile users, 5 million broadband users, and 3.2 million pay TV subscribers.
The new company also has Charoen Pokphand Group as a significant shareholder in addition to Telenor. 30.3% of True Corporation is owned by both companies. This development comes after Telenor and Malaysia's Axiata merged to become Celcom Digi late last year, with each company owning a 33.10% interest.
“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.