Telenor To Exit Thailand With NOK 39 Bln Sale Of True Corp Stake

Telenor is officially leaving Thailand. They've agreed to sell their entire stake in True Corporation for around NOK 39 billion, marking the end of a 25-year journey that started back in 2000.

The stake appreciated significantly, from NOK 12 billion before the 2021 merger talks to nearly NOK 39 billion now, so financially it worked out. But the regulatory environment in Thailand became increasingly challenging over the years. The 2023 DTAC-True merger left unresolved issues around market consolidation, and growth opportunities as a minority shareholder just weren't there anymore.

This follows their Pakistan exit. It's a strategic shift back to Nordic focus, leaving only Bangladesh and Malaysia as their significant Asian operations.

It's a bittersweet moment. Telenor played a real role in bringing affordable mobile access to Thailand over those 25 years. But sometimes markets just don't align with where a company needs to go.