True Corporation (True)

True - Fixed service provider. communications

History

2021: Merge with Dtac

At the end of November 2021, Charoen Pokphand (CP) Group, controlled by Thailand's richest man Danin Cheravanont and his family, and Norwegian telecom operator Telenor agreed to merge their telecommunications units in Thailand - True Corporation and Dtac, respectively. The cost of the transaction amounted to $8.6 billion, after its closure in the country there will be a combined operator with a little more than half of mobile subscribers in the country.

The deal provides that subject to regulatory approval, Telenor and CP Group will each own one-third of the combined company, and stock market investors will own the rest.

Thailand has a mobile operator with half of the country's subscribers by combining True Corporation and Dtac

We hope to enable a whole new generation to realize its potential and become digital entrepreneurs using advanced telecommunications infrastructure, "said Sufachai Cheravanont, CEO of CP Group, in a statement. - The emergence in Thailand of the Internet of Things (IoT), artificial intelligence (AI), cloud solutions and new generations of mobile networking technologies will have a huge impact on how we all do.

The main areas of activity of the CP Group are the production of animal feed and animal husbandry. The conglomerate also works with 7-Eleven 24-hour stores in Thailand. However, CP Group is taking steps towards the digital business. For example, in September 2021, the mobile payment application operator Ascend Money, supported by the CP Group, said it had raised $150 million in funding with an estimate of $1.5 billion.

We believe that the new company will be able to take advantage of digitalization in Asia to support Thailand's leading role in the field of digital technology, turning global technological advances into attractive services and high-quality products, "said Telenor President and CEO Sigwe Brekke in a statement.[1]

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