Telenor sells its stake in True Corporation for USD3.21 billion and exits Thailand

The transaction forms part of Telenor’s strategic commitment to structural simplification and represents Telenor’s exit from Thailand following a 25-year presence. A&O Shearman has supported Telenor on its involvement in Thailand throughout this period, including advising Telenor on the landmark merger between True Corporation and DTAC in 2021.

James Mythen A&O Shearman partner commented: “We’re proud to support Telenor on another significant transaction in APAC, and it’s been great to work with the Telenor team again. This has been a very poignant transaction for both Telenor and our teams in Bangkok and Singapore given that it marks their exit from Thailand, but it also represents a celebration after 25 highly successful years supporting millions of subscribers and staff in the country. The transaction itself reflects the consistent trend of consolidation in the telecoms space in APAC and neatly aligns with Telenor’s own strategic shift.”

The A&O Shearman team was led by Singapore partner James Mythen and Bangkok counsel Arthit Hemara, supported by Christine Fong (Singapore), Chakrit Chomketkaew (Bangkok), and Nicholas Khoo (Singapore). Additional specialist input was provided by Finance partners Daniel Tan (Hong Kong), Gautam Narasimhan (Singapore), Paul Allan (London), and senior associate Sam Clitheroe (London); as well as Tax partner Ka Sen Wong (Sydney).