Telenor Agrees to Sell $3.9 Billion Stake in Thailand’s True Corporation, Ending Quarter-Century Presence
Norway’s Telenor exits Thai telecom market as Arise Digital Technology acquires its share in True Corporation in a landmark transaction
Norwegian telecommunications group Telenor has agreed to divest its entire stake in Thailand’s True Corporation in a landmark deal valued at approximately three point nine billion US dollars, marking the end of its twenty-five-year presence in the Southeast Asian market.
Under the agreement announced by the Oslo-based company, approximately twenty-five per cent of True’s shares will be transferred to Arise Digital Technology Company, a Thai technology firm led by Suphachai Chearavanont.
The transaction, priced at roughly thirty-nine billion Norwegian kroner, reflects a strategic shift for Telenor as it refocuses its operations on core markets in the Nordic region.
The sale encompasses Telenor’s nearly one-quarter ownership of True Corporation, the entity formed from the 2023 merger of True and dtac that created Thailand’s second-largest telecom operator.
As part of the agreement, Arise Digital Technology will have the option to acquire the remaining roughly five per cent of Telenor’s shares within two years, consolidating local ownership of the company.
Telenor’s exit comes after more than two decades of investment and development in Thailand’s telecommunications sector, during which it helped build dtac into a leading mobile network before the merger with True.
True Corporation, with operations spanning mobile, broadband and digital services, is a central player in Thailand’s telecom landscape, serving tens of millions of customers across the kingdom.
The company benefits from expanded capabilities following the union of True and dtac, which created a robust competitor to other major operators and has been integral to advancing digital infrastructure and services in the country.
The change in ownership does not immediately alter True’s operations, but signals a new phase in the company’s evolution under predominantly Thai control.
Telenor’s chief executives praised the sale as a fitting conclusion to the group’s long engagement in Thailand, expressing confidence in True’s prospects under its new majority stakeholder.
The transaction is subject to customary closing conditions and regulatory approvals, but once finalised, it will underscore the growing role of domestic investors in Southeast Asia’s telecommunications markets while freeing Telenor to pursue growth priorities closer to its home region.
Under the agreement announced by the Oslo-based company, approximately twenty-five per cent of True’s shares will be transferred to Arise Digital Technology Company, a Thai technology firm led by Suphachai Chearavanont.
The transaction, priced at roughly thirty-nine billion Norwegian kroner, reflects a strategic shift for Telenor as it refocuses its operations on core markets in the Nordic region.
The sale encompasses Telenor’s nearly one-quarter ownership of True Corporation, the entity formed from the 2023 merger of True and dtac that created Thailand’s second-largest telecom operator.
As part of the agreement, Arise Digital Technology will have the option to acquire the remaining roughly five per cent of Telenor’s shares within two years, consolidating local ownership of the company.
Telenor’s exit comes after more than two decades of investment and development in Thailand’s telecommunications sector, during which it helped build dtac into a leading mobile network before the merger with True.
True Corporation, with operations spanning mobile, broadband and digital services, is a central player in Thailand’s telecom landscape, serving tens of millions of customers across the kingdom.
The company benefits from expanded capabilities following the union of True and dtac, which created a robust competitor to other major operators and has been integral to advancing digital infrastructure and services in the country.
The change in ownership does not immediately alter True’s operations, but signals a new phase in the company’s evolution under predominantly Thai control.
Telenor’s chief executives praised the sale as a fitting conclusion to the group’s long engagement in Thailand, expressing confidence in True’s prospects under its new majority stakeholder.
The transaction is subject to customary closing conditions and regulatory approvals, but once finalised, it will underscore the growing role of domestic investors in Southeast Asia’s telecommunications markets while freeing Telenor to pursue growth priorities closer to its home region.
