Telenor has rekindled rumours of a possible merger with Axiata after reaching out to the Malaysian group’s largest shareholder to discuss the acquisition of a minority stake.
Bloomberg reported that Telenor had presented several proposals to Khazanah Nasional Berhad, including acquiring part of the sovereign wealth fund’s 37% stake in Axiata or drafting separate deals for specific markets or assets.
While Telenor and Axiata had been negotiating a potential merger since May 2019, both parties agreed to end discussions in September that year. Proposals indicated that the companies would merge their businesses across Asia with Telenor granted a controlling stake.
After abandoning the initial talks, Telenor stated that it saw potential for a deal with Axiata in the future. The Norway-headquartered group has shifting its focus towards Asia.
