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CP group and Telenor group support True and dtac

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(Oslo / Bangkok, November 22, 2021) CP Group and Telenor Group today announced that they have agreed to consider establishing a new communications technology company consisting of True and dtac. The new company is an equal merger and, with the support of major sponsor shareholders, brings the strengths of the two local companies.

The new company will be a leading telecommunications service provider with the ability to accelerate Thailand’s progressive digital technology agenda in terms of network performance, innovation, investment power and employer brand.

Suphachai Cheeravanont, CEO of CP Group and Chairman of the Board of Directors of True Corporation, said the telecommunications and technology sectors are key to Thailand’s ability to climb the development curve and generate broader prosperity. As a telecom technology company, we can unleash the great potential of Thai companies and digital entrepreneurs, attract more talented and talented companies from all over the world, and do business in our country.

Today is a step in that direction. We want to empower a whole new generation to leverage our advanced communications infrastructure and realize our potential to become a digital entrepreneur. He said the emergence of IoT, AI, cloud, and a new generation of mobile network technologies in Thailand will have a major impact on how we do everything.

Sigve Brekke, President and Chief Executive Officer of Telenor Group, said: The digitization of Asian society is accelerating, and in the future both consumers and businesses expect higher service and higher quality connectivity. The new company believes that it can leverage this digital shift to support Thailand’s digital leadership role by incorporating global technological advances into attractive services and quality products.

Jrgen A, Executive Vice President of Telenor Group and Head of Telenor Asia. Rostrup said the proposed transaction will strengthen its presence in Asia, create value and advance strategies to support long-term market development in the region. We have a long-standing commitment to both Thailand and the Asian region, and this collaboration further enhances it. Access to new technologies and the best human capital will be a crucial contribution to the new company.

Rostrup said the new company will venture with a US $ 100-200 million partner to invest in promising digital startups focused on new products and services for the benefit of all Thai consumers. He added that he intends to raise capital funds.

If the transaction proceeds, it will consist of any tender offer (VTO), subject to the conditions of all issued shares of dtac and True, after which dtac and True will merge to form a new company. .. The VTO price for dtac is THB 47.76, which is equivalent to a 25% premium of the 1-month VWAP for dtac shares. True’s VTO price is THB 5.09, which is equivalent to a 25% premium for 1 month VWAP. True share. The agreed exchange ratio is 10.221 true shares per dtac share. The VTO results determine the final equal ownership between the CP group and the Telenor group.

All shareholders of dtac and True have the option of participating in the tender offer or continuing as shareholders of the merged company listed on the Thai Stock Exchange. The merged company will face a difficult business environment over the next few years, and CP Group and Telenor Group recognize that not all shareholders want to participate in this journey. Therefore, it offers an attractive premium cash alternative. Stakeholders aim to reach the necessary agreement by the first quarter of 2022.

The current operations of True and dtac will continue to operate the business independently until the transaction is completed. The transaction is subject to relevant board and shareholder approval and regular regulatory approval, and the parties acknowledge that there is no certainty regarding the completion of the transaction.

Press Contact: Tormod Sandst, Communication Director, Telenor GroupT: +47 90 94 32 15 | [email protected]

Sources

1/ https://Google.com/

2/ https://www.globenewswire.com/news-release/2021/11/22/2338598/0/en/C-P-Group-and-Telenor-Group-support-True-and-dtac-in-exploring-the-creation-of-a-new-telecom-tech-company.html

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