True and DTAC set to merge before end of first quarter

True and DTAC set to merge before end of first quarter

Thailand’s National Broadcasting and Telecommunication Commission (NBTC) has stated that the merger between DTAC and True Corporation is set to go ahead, with the companies submitting confirmation of their intent.

According to local outlet, the merger is expected to close in Q1 2022 after receiving approval from the operators’ respective boards of executives on 19th November 2021. The companies will take equal stakes in the newly merged entity.

TeleGeography reports that the firms agreed to a swap ratio that would see one share in DTAC equate to 24.5 shares in the merged entity, while one share in True would equate to 2.4 shares. The companies expressed an intention to list the merged unit on the SET.

DTAC and True’s respective parent companies Telenor Asia and Charoen Pokphand (CP) Holding have formed a joint venture known as Citrine Global Company, and it is this unit which will make a conditional voluntary tender offer for the entire shareholding of the two companies, with True shares priced at THB5.09 (USD0.15) and DTAC’s at THB47.76.

Sign-up to our weekly newsletter

Keep up-to-date with all the latest news, articles, event and product updates posted on Developing Telecoms.
Subscribe to our FREE weekly email newsletters for the latest telecom info in developing and emerging markets globally.
Sending occasional e-mail from 3rd parties about industry white papers, online and live events relevant to subscribers helps us fund this website and free weekly newsletter. We never sell your personal data. Click here to view our privacy policy.