Telenor sells its stake in Thailand’s True Corporation for $3.9 billion

Norway’s Telenor said on ⁠Thursday it had agreed to sell its stake in Thailand’s True Corporation for a ‌total ‌value of about 39 billion Norwegian crowns ($3.92 billion).

Telenor ‌Group said it signed an agreement with Arise Digital Technology Company, owned by Khun Suphachai Chearavanont, to sell 24.95% in True, and agreed to a sale of its remaining ‌5.35% stake two ‍years after the closing ‍of the initial sale.

True is one ‌of Thailand’s biggest telecom operators with around 60 million customers.

Telenor will book an accounting gain of 14.7 billion crowns at the current exchange rate at the ‍closing of the initial stake sale and said it aims ‍to provide ⁠further information next ⁠month on the use of the proceeds.

“The transaction is subject to customary conditions and is expected to close within a few months,” Telenor said in a statement.