On 1 March 2023, dtac successfully merged with True to form a new telecom-tech champion in Thailand, True Corporation (True Corp.). With a combined enterprise value of about USD20 billion, the merger is the largest in the telco industry in Southeast Asia. The objective is to create a new telecom-tech champion that could enable economic growth in Thailand, driven by digital transformation.
Sigve Brekke, CEO and President of Telenor Group, expresses his enthusiasm for the merger and the opportunities it will create for customers and employees: “This merger is a significant milestone for Thailand’s telco industry and for Telenor as a company. We are excited to join forces with CP Group. Our combined resources, infrastructure, and expertise will allow us to provide innovative and efficient services to people across Thailand and play a key role in accelerating the digitalisation of the country.”
True Corp. will serve an estimated 60 million customers across mobile, broadband and TV services. Telenor and CP Group will be equal owners with equal representation on the company’s board of directors. Telenor representatives include Jørgen C. Arentz Rostrup (Deputy Chair), Ruza Sabanovic, and Lars Erik Tellmann.
Echoing Brekke, Jørgen C. Arentz Rostrup, Executive Vice President and Head of Telenor Asia adds: “We are excited about what opportunities the new company, True Corporation will bring to the workforce. This is an opportunity for all of them to grow in a telecom-tech company that has the scale and resources to accelerate Thailand’s digital transformation journey. Working together, and by bringing the best of both companies together, the team at True Corp will be able to have tremendous positive impact in Thailand.”
Read also: Telenor completes the amalgamation of dtac and True in Thailand
