BANGKOK/SINGAPORE/OSLO/BENGALURU (Nov 22): Norway's Telenor and Thai conglomerate Charoen Pokphand Group (CP Group) have agreed to merge their telecom units in Thailand in an US$8.6 billion deal to create a firm with just over half the mobile subscribers in the Southeast Asian country. The deal, subject to regulatory approvals, will see Telenor and CP Group each owning a third of the combined company, with stock market investors holding the rest. Telenor and CP Group will have equal influence over the new business, the Norwegian firm's CEO said. CP Group will also inject cash, albeit a smaller amount, Telenor said, ensuring the two end up holding equal stakes. Citi is advising Telenor and JPMorgan is advising CP Group.

Source: The Edge Markets November 23, 2021 06:45 UTC