Telenor has signed an agreement to sell its stake in True Corporation for a total value of approximately NOK 39 billion (around $3.9 billion), completing its planned exit from Thailand after more than two decades of operations in the country. The transaction has been agreed with Arise Digital Technology Company Limited, which is owned by Thai entrepreneur Suphachai Chearavanont.
As part of the deal, Telenor will sell 24.95 per cent of its shares in True Corporation at a price of THB 11.70 per share. The agreement also includes a mutual option allowing Telenor to sell its remaining 5.35 per cent stake two years after the completion of the initial transaction, at the higher of the same fixed price or the prevailing market price at that time.
True Corporation was formed in 2023 following the merger of dtac and True, creating Thailand’s largest telecom operator with a customer base of around 60 million. Telenor said the transaction reflects significant value creation over the lifetime of its investment, noting that its Thai shareholding was valued at approximately NOK 12 billion prior to merger discussions in 2021.
The divestment follows Telenor’s recent exit from Pakistan and aligns with its strategy to simplify operations, improve capital efficiency, and focus more closely on selected core markets. The company said the proceeds are expected to support its objectives around shareholder value creation and long-term financial discipline.
Telenor expects to receive approximately NOK 32.3 billion from the initial sale, with a further NOK 6.9 billion potentially realised if the remaining stake is sold under the agreed option. The transaction remains subject to customary conditions and is expected to close within the coming months.
