02 March 2023
True and dtac’s merger has successfully closed, in a deal marked as the largest telco merger in Southeast Asia by combined enterprise value.
The transaction has seen True and dtac relinquish their status as judicial entities to create the new entity, True Corporation, which has been awarded a commercial licence by the Department of Business Development at the Ministry of Commerce. True Corporation has taken over True and dtac’s assets, rights, liabilities, and obligations.
Regulator NBTC’s approval hinged on True and dtac submitting a plan for separate management, administration, and accounting systems, which the firms have provided along with a plan for the provision of services to MVNOs.
True Corporation’s estimated mobile customer base – based on FY22 - is 55 million mobile customers, with 5 million broadband connections and 3.2 million pay-tv subscribers. Telenor and CP Group will be equal partners with a 30.3 percent ownership stake each in the new company. The board of directors of True Corporation will consist of 11 directors. Suphachai Chearavanont has been appointed as chair of the board of directors and Jørgen A Rostrup will be deputy chair, in addition to chairing the Executive Committee.
To accelerate and stimulate growth in Thailand’s digital ecosystem, the new company, together with partners, intends to raise US$200 million in venture capital, supporting promising digital startups focusing on new products and services that benefit Thai consumers.
