Telenor upbeat about merger talks with Axiata, to take majority stake

PETALING JAYA: Norwegian telecommunications giant Telenor says it anticipates holding a majority stake of 56.5% in the merged entity with Axiata, which will hold a 43.5% stake.

Telenor said it hopes MergeCo will be a “leading, well-diversified Pan-Asian telco”, adding that it will operate out of nine countries serving a total population of close to one billion. MergeCo will have approximately 300 million customers and become one of Asia’s largest mobile infrastructure companies operating approximately 60,000 towers across Asia.

“By uniting two strong organisations with complementary footprints and a merger of equal spirit, there will be attractive opportunities to capture substantial synergies preliminarily estimated at around US$5 billion in total, support future investments and create shareholder value,” it added.

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