Telenor Sells $3.9 Billion Stake in Thailand's True Corporation

• The initial transaction involves 24.95% of True Corporation, with the remaining 5.35% stake sale scheduled for two years after closing
• The buyer, Arise Digital Technology Company, is owned by Khun Suphachai Chearavanont
• Total deal value is 39 billion Norwegian crowns, equivalent to $3.92 billion at current exchange rates

Summary:

Norwegian telecommunications company Telenor has agreed to sell its entire stake in Thailand's True Corporation for approximately 39 billion Norwegian crowns ($3.92 billion). The transaction was announced on January 22, 2026.

Under the agreement, Telenor will sell a 24.95% stake in True Corporation to Arise Digital Technology Company, which is owned by Thai businessman Khun Suphachai Chearavanont. The remaining 5.35% stake will be sold two years after the initial transaction closes, bringing Telenor's total holding in True to zero.

Market Implications:

This divestiture represents a significant exit from the Thai telecommunications market for Telenor, which has been reassessing its portfolio of international assets. The $3.92 billion deal marks one of the larger telecom transactions in Southeast Asia and reflects ongoing consolidation in the region's telecommunications sector.

The buyer, Arise Digital Technology Company, is controlled by Khun Suphachai Chearavanont, suggesting increased local ownership and control of True Corporation. This transaction could potentially reshape competitive dynamics in Thailand's telecom market.

Key Details:

• Total deal value: 39 billion Norwegian crowns ($3.92 billion)
• Initial stake sale: 24.95%
• Deferred stake sale: 5.35% (two years post-closing)
• Exchange rate: $1 = 9.9484 Norwegian crowns
• Buyer: Arise Digital Technology Company (Khun Suphachai Chearavanont)

The phased sale structure allows Telenor to exit gradually while potentially capturing additional value from the retained stake over the two-year period before complete divestment.