Telenor agreed to sell its True Corporation stake for $3.9bn, exiting Thailand as Suphachai Chearavanont’s Arise takes control. Shares slid 14.5% on heavy trade, while Telenor locked in a 225% gain from its long-held DTAC investment amid market shock.
Shares in True Corporation fell on Thursday after Telenor announced its exit from the company. The move follows a ฿123 billion buyout by a firm controlled by Suphachai Chearavanont, chairman of True and a leading member of the Chearavanont family. The sale forms part of a restructuring by the Norwegian telecom group. It delivers a 225% gain on Telenor’s original DTAC investment since merger talks with True began in 2021. True said the transaction would not alter its business plans.
Telenor has agreed to sell its stake in True Corporation of Thailand for 39 billion Norwegian crowns. The amount equals about ฿123 billion, or $3.9 billion. The Norwegian telecom group announced the deal on Thursday. As a result, Telenor will largely exit the Thai telecommunications market.
The buyer is Arise Digital Technology Co. The company is owned by Suphachai Chearavanont. Mr Suphachai is the chairman of True Corporation. According to Telenor, a binding agreement has already been signed.
Under the terms, Telenor will sell a 24.95% stake in True. The price is fixed at 11.70 baht per share. In total, the shares cover most of Telenor’s remaining holding. Therefore, control will further consolidate within the Chearavanont group.
Deal structure sets terms for Telenor exit as Arise secures majority stake in Thailand’s mobile operator
In addition, the agreement includes an option mechanism. Arise and Telenor agreed to a mutual put and call option. This applies to Telenor’s remaining 5.35% stake. The option becomes exercisable two years after closing. The price will be the higher of 11.70 baht or the market price.
Meanwhile, True Corporation informed the Stock Exchange of Thailand of the transaction. The notice followed a report from Telenor Thailand Investments Pte. Ltd. That entity holds Telenor’s Thai shares. According to True, the sale will not affect operations.
However, the market reaction was immediate and severe. True shares sold off sharply on Thursday. The stock closed at 10.60 baht. This marked a drop of 14.5% in one session. Trading value reached nearly 11.9 billion baht.
As trading continued, selling pressure remained heavy. The decline came despite repeated company assurances. True said business operations would remain unchanged. Nevertheless, investors exited positions in large volumes.
Market reaction turns brutal as True shares slide sharply on heavy turnover despite company reassurances
Telenor, meanwhile, highlighted the financial impact. The company expects to book an accounting gain of 14.7 billion Norwegian crowns. This will be recorded at closing of the initial sale. At the same time, exchange rates were cited in the calculation.
Additionally, Telenor said more details would follow. Information on the use of proceeds is expected next month. For now, no allocation breakdown was provided. However, the company linked the sale to its broader strategy.
According to Telenor, the deal represents a substantial return. The group said the value reflects a 225% gain. The comparison is based on DTAC’s market value before merger talks began in 2021. Therefore, the transaction marks a profitable exit.
Earlier, Telenor had been a major Asian telecom investor. Since the 1990s, it built operations across several countries. These included Bangladesh, Thailand, Malaysia, and Pakistan. Over time, it became a regional telecom heavyweight.
Sale locks in 225% gain as Telenor unwinds decades-long expansion across Asian telecom markets
In recent years, however, the strategy shifted. Telenor said the telecom industry is maturing. As a result, structural deals became an option. Divestments were openly considered.
“With the completion of the sale of Telenor Pakistan in December, and the agreement to sell our shares in True, we have taken big steps,” said chief executive Benedicte Schilbred Fasmer. The comments were included in the company statement.
Previously, Telenor completed the sale of Telenor Pakistan. That transaction closed in December. Consequently, the True deal marks the second Asian exit. Together, they sharply reduce Telenor’s Asian footprint.
Ms Schilbred Fasmer also addressed capital efficiency. She said the divestment will boost return on capital employed. Moreover, it supports a sharper focus on Nordic markets. These markets now form the company’s core.
Telenor first entered Thailand in 2000. At that time, it built the DTAC mobile business. Over two decades, DTAC grew into a leading operator. Eventually, consolidation became unavoidable.
Pakistan sale and True exit accelerate pivot toward Nordic focus and higher capital efficiency targets
In 2021, merger talks with True began. However, regulatory scrutiny delayed progress. The merger was only completed in March 2023. Thai authorities imposed several conditions.
One key condition concerned branding. Regulators required both brands to remain active. True and DTAC must operate separately for at least three years. Meanwhile, internal systems are being combined.
As permitted, back-office operations are being consolidated. Cost synergies are being pursued. Nevertheless, customer-facing brands remain unchanged for now.
Following the merger, ownership was split evenly. CP Group and Telenor each held about 30.3%. The combined entity was renamed True Corporation. Control was therefore shared.
Today, True Corporation leads the Thai mobile market. It serves about 49 million mobile customers. These are spread across the True Move and DTAC brands. The scale is unmatched locally.
Regulatory moves shape post-merger world as True emerges as Thailand’s largest mobile operator
Its closest rival is Advanced Info Service. AIS serves about 47 million mobile customers. As a result, Thailand’s mobile market is dominated by two players.
Ms Schilbred Fasmer highlighted valuation changes. Before the 2021 talks, Telenor’s stake was valued at 12 billion crowns. Today, it stands at 39 billion crowns. The figure is based on the agreed sale price.
She said the partnership delivered market leadership. She also said it generated shareholder value. These remarks summarised Telenor’s assessment of its Thai investment.
Separately, Arise Ventures Group issued its own statement. It said Mr Suphachai stepped down as chief executive of Charoen Pokphand Group. CP Group is the parent of True Corporation.
According to Arise, the resignation allows a sharper focus. Mr Suphachai will now concentrate on Arise and its strategic interests. These include the acquisition of Telenor’s shares. Mr Suphachai remains chairman of True Corporation. Through Arise, he will acquire direct ownership. As a result, the Chearavanont family strengthens control.
Suphachai steps back from CP Group as Arise tightens Chearavanont control of True via acquisition
The Chearavanont family controls CP Group. The conglomerate spans agrifood, retail, and telecom businesses. It operates across more than 20 countries. Estimates of family wealth vary widely. Figures range from $35.7 billion to more than $44 billion in 2025. Some estimates exceed $50 billion. The family ranks among Asia’s richest.
Bloomberg ranked the family second in Asia. The ranking was published in February 2025. It placed the family among the world’s top 20 richest families.
After the announcement, True repeated its position. The company said the transaction would not disrupt operations. Strategy and management remain unchanged. The message was filed with the exchange.
Still, the share price damage was done. The stock remained under pressure through the session. Heavy turnover reflected investor caution.
Telenor frames Thai exit as orderly restructure while setting long-term strategy through 2030
Telenor described the sale as a clean exit. The company said it aligns with restructuring goals. Simplification and efficiency remain priorities.
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Looking ahead, Telenor outlined four strategies for 2030. These include customer experience and technology transformation. Cost control and shareholder value were also cited. Additionally, Telenor aims to reposition itself. It wants to become a more secure connectivity provider. This focus applies mainly to its core markets.
With the Arise deal, Telenor’s Thai chapter closes. Ownership will gradually transfer through the option mechanism. The exit is structured, priced, and timed. Finally, the transaction remains subject to standard closing conditions. Regulatory approvals may still be required. Further details are expected in the coming months.
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