Telenor has agreed to fully exit the Thai telecoms market, ending a 25-year presence through the sale of its stake in True Corporation. The transaction values Telenor’s holding at approximately NOK 39 billion (around €3.3 billion).
Under the agreement, Telenor will sell 24.95% of True Corporation to Arise Digital Technology Company Limited—controlled by Khun Suphachai Chearavanont—at THB 11.70 per share. The parties have also agreed on a mutual put/call option covering Telenor’s remaining 5.35% stake, exercisable two years after completion of the initial sale at the higher of the agreed price or the prevailing market price.
The deal marks the culmination of Telenor’s long-standing investment in Thailand, which began in 2000 with its entry into Total Access Communication (TAC) and later evolved into dtac, one of the country’s leading mobile operators. In 2023, dtac merged with True to form True Corporation, creating Thailand’s largest telecoms and digital services provider.
The agreed price represents a 36% increase compared with True’s first trading-day closing price following the 2023 merger, and a 4% premium to the three-month volume-weighted average share price.
From a financial perspective, the initial sale will generate proceeds of THB 100.9 billion (approximately NOK 32.3 billion or €2.7 billion), with a further THB 21.9 billion (around NOK 6.9 billion or €0.6 billion) expected if the option is exercised. Telenor anticipates recognising an accounting gain of about NOK 14.7 billion (roughly €1.25 billion) at closing, partly reflecting the recycling of historical currency translation effects.
The exit from Thailand follows Telenor’s recent divestment of its Pakistan operations and reflects a broader strategic shift toward portfolio simplification and a more Nordic-centric focus. The company has stated that the proceeds will support capital discipline, shareholder returns, and long-term value creation, with further details to be provided alongside its fourth-quarter 2025 results.
The transaction remains subject to customary closing conditions and is expected to complete within the coming months.