Allen & Overy Advised on Significant Telecom Merger in Thailand Between dtac and True
Allen & Overy Advised on Significant Telecom Merger in Thailand Between dtac and True
Allen & Overy, a multinational law firm headquartered in London, provided legal advice to Telenor Asia, a subsidiary of Telenor Group – a majority state-owned Norwegian multinational telecommunications company – and Total Access Communication Public Company Limited (dtac) on the merger of dtac's telecoms operations with those of True Corporation Public Company Limited (True) in Thailand.
This deal represents the largest-ever telecommunications merger in Southeast Asia, resulting in a combined enterprise value of USD 20.7 billion. The new company will serve approximately 55 million mobile customers, 5 million broadband connections, and 3.2 million pay-TV subscribers.
The new company is set to cater to the growing need for high-speed data and take advantage of the rapidly evolving digital landscape in Thailand.
Telenor and Charoen Pokphand Group will have an equal share of 30.3 per cent ownership in the company.
Following their November 2022 successful work advising Telenor on the merger of Celcom Axiata Berhad and Digi.Com Berhad in Malaysia, resulting in the formation of Celcom Digi Berhad serving millions of customers, the Allen & Overy team has now taken on a new mandate in Thailand. Their expertise will be applied to this project as well.
The team at Allen & Overy, responsible for advising on the merger of dtac and True in Thailand, was headed by managing partner Suparerk Auychai and partner James Mythen. The team received significant support from counsel Arthit Hemara, senior associate Christine Fong, and associates Chakrit Chomketkaew and Zann Tay.
Suparerk Auychai, Allen & Overy’s Bangkok office who also leads the office's corporate practice, stated that the successful completion of this major transaction marks a significant milestone for Thailand's digital ecosystem. He further added that the country's high level of usage and adoption of digital technologies in the region is worth noting.
“A&O’s in-depth local market expertise and our understanding of Telenor’s business was effectively applied throughout this transaction,” Suparerk said.
“We are very proud to have advised long-standing client Telenor on this landmark deal in Thailand, as well as on the earlier merger in Malaysia. Both amalgamations are aligned with the trend of consolidation among telecom operators across Southeast Asia. We are delighted to have served Telenor on both mandates with a multidisciplinary team with deep expertise on these types of transactions,” James Mythen, Allen & Overy partner, added.
