Telenor Just Cashed Out $3.9 Billion From Thailand After 25 Years—Here’s Why
Telenor Group has struck a massive deal that marks the end of its quarter-century journey in Thailand. The Norwegian telecom giant will sell its entire stake in True Corporation for approximately NOK 39 billion ($3.9 billion), closing a chapter that transformed millions of Thai lives through mobile connectivity.
The Deal That Reshapes Thailand’s Telecom Landscape
Telenor signed an agreement with Arise Digital Technology Company Limited to offload 24.95 percent of its shares in True at THB 11.70 per share. Khun Suphachai Chearavanont, who owns Arise, will take control of these shares in the initial transaction.
The agreement includes a mutual put/call option that allows the remaining 5.35 percent to change hands two years after the first sale closes. The price will reflect either THB 11.70 per share or the market price before the option expires—whichever comes out higher.
“We are pleased to have reached an agreement with Arise about the sale of our stake in True,” Benedicte Schilbred Fasmer, Telenor’s CEO, stated. She thanked True’s employees and customers for their partnership throughout the years.
Khun Suphachai Chearavanont praised the collaborative process. “We are committed to sustaining our positive momentum, delivering profitable growth and value creation in True in the years ahead,” he said. “We appreciate the close cooperation we’ve had with Telenor in signing the definitive agreements.”
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From TAC Investment to Market Domination
Telenor’s Thai adventure began in 2000 when the company invested in TAC. Over the next two decades, Telenor built dtac into one of Thailand’s premier mobile operators, bringing affordable connectivity to tens of millions of Thai citizens.
The story took a dramatic turn in 2023 when dtac and True completed Southeast Asia’s largest telecoms merger. The Stock Exchange of Thailand listed the new True Corporation, which instantly became Thailand’s biggest telecom tech company. This scale gave True the firepower to invest heavily in 5G networks, artificial intelligence, and cutting-edge digital services.
“Before the 2021 merger talks, our shareholding in Thailand was valued at NOK 12 billion,” Schilbred Fasmer explained. “Today the value of our shareholding stands at some NOK 39 billion, based on the agreed sale price and the current exchange rate.”
The numbers tell a compelling story. Telenor partnered with True Corporation to establish market leadership while creating substantial shareholder value along the way.
Premium Price Reflects True’s Strength
The transaction price of THB 11.70 per share represents a 36 percent jump from True Corporation’s closing price on its first trading day after the March 2023 merger. Buyers also pay a 4 percent premium over the last three months’ volume-weighted average share price.
Asia Exit Strategy Takes Shape
Telenor sold Pakistan’s operations in December 2025, and this True Corporation deal marks the second major Asian divestment in quick succession. The company outlined this strategic direction at its Capital Markets Day in November.
“At our Capital Markets Day in November, we said that we looked for structural value creation opportunities in Asia,” Schilbred Fasmer noted. “With the completion of the sale of Telenor Pakistan in December, and the agreement to sell our shares in True, we have taken big steps in delivering on that strategy.”
These exits form part of Telenor’s strategic commitment to structural simplification. The transactions free up focus and resources for four priorities heading toward 2030: growth through customer excellence, technology-led transformation, expense reduction, and shareholder value creation.
Telenor expects the True shares sale will boost its return on capital employed. The transaction also supports the company’s goal to evolve into a more Nordic-focused provider of secure connectivity.
Financial Windfall and What Comes Next
The initial sale of 24.95 percent will bring Telenor THB 100.9 billion (approximately NOK 32.3 billion at current exchange rates). The option exercise after two years will deliver an additional THB 21.9 billion (roughly NOK 6.9 billion at current rates).
Telenor built its shareholder-value creation strategy on three pillars: top-line growth, efficiency gains, and smart capital allocation. The company maintains that capital discipline, shareholder remuneration, and an effective balance sheet remain essential to long-term success.
Telenor will reveal detailed plans for using the proceeds when it presents Q4 2025 results on February 6, 2026.
The company will recognize an accounting gain of approximately NOK 14.7 billion (at current exchange rates) when the initial sale closes. NOK 1.6 billion of this gain relates to recycling historical currency translation differences, which appeared previously as other comprehensive income. This portion won’t affect Telenor’s equity position.
Timeline and Conditions
The transaction requires customary closing conditions. Telenor expects to complete the deal within a few months.
True Corporation now serves around 60 million customers across Thailand. The company’s engaged workforce will continue driving innovation and growth for this massive customer base under new ownership.
For investors and market watchers, Telenor classified this information as inside information under EU Market Abuse Regulation (MAR). The disclosure meets requirements under MAR Article 17 and Section 5-12 of the Norwegian Securities Trading Act.
FAQ: Telenor’s True Corporation Sale
How much did Telenor sell its True Corporation stake for?
Telenor agreed to sell its stake in True Corporation for approximately NOK 39 billion ($3.9 billion). The deal involves selling 24.95 percent of shares at THB 11.70 per share immediately, with an option to sell the remaining 5.35 percent after two years. This transaction marks the culmination of Telenor’s 25-year presence in Thailand’s telecommunications market.
Who bought Telenor’s shares in True Corporation?
Arise Digital Technology Company Limited purchased Telenor’s True Corporation shares. Khun Suphachai Chearavanont owns Arise and will take control of Thailand’s largest telecom tech company through this acquisition. The buyer expressed commitment to maintaining True Corporation’s growth momentum and continuing to serve its 60 million customers.
Why did Telenor decide to exit Thailand now?
Telenor executed a strategic shift toward structural simplification and Nordic-centric operations. The company sold its Pakistan operations in December 2025 and followed up with this True Corporation sale as part of its Asia exit strategy. Telenor aims to focus resources on four strategic priorities through 2030: customer excellence, technology transformation, expense management, and shareholder value creation.
When will Telenor complete the True Corporation sale?
Telenor expects to close the initial sale within a few months, subject to customary conditions. The company will sell 24.95 percent of its True Corporation shares in this first transaction. An option allows the remaining 5.35 percent to transfer ownership two years after the initial closing. Telenor will announce detailed plans for using proceeds during its Q4 2025 results presentation on February 6, 2026.
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