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 prachachat.net, 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.