- Telenor agrees to sell its 30.3% stake in Thailand’s True Corporation for NOK 39 billion, exiting the Thai market after 25 years.
- The divestment to Arise Digital Technology is part of Telenor’s wider strategy to retreat from Asian markets and sharpen focus on Nordic operations.
What happened: Telenor completes structural exit from Thailand’s telecom market
Bangkok/Oslo, 22 January 2026 — Telenor Group, the Norwegian telecommunications giant, has agreed to sell its entire 30.3 per cent equity interest in True Corporation, one of Thailand’s leading telecom operators, in a deal worth approximately 39 billion Norwegian crowns (about US $3.9 billion). The buyer is Arise Digital Technology Company Limited, owned by Thai business figure Khun Suphachai Chearavanont.
Under the terms of the agreement, Telenor will initially sell 24.95 per cent of its stake at a set price of THB 11.70 per share, with a put/call option allowing the remaining 5.35 per cent to be sold two years after closing under agreed pricing terms. The transaction is expected to close within a few months, subject to customary conditions.
Telenor’s involvement in Thailand began in 2000 with an investment in Total Access Communication (TAC). Over the next quarter-century, that position evolved into ownership of dtac, which merged with True in 2023 to form the country’s largest telecom operator, with roughly 60 million customers across mobile, broadband and pay-TV platforms.
Telenor Group CEO Benedicte Schilbred Fasmer said the agreement reflected a successful journey in Thailand while paving the way for a more Nordic-centred strategic focus. She thanked True’s workforce and customers, expressing confidence that True would continue to grow under its expanded ownership structure.
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Why it’s important
For technology and telecom enterprises, this transaction underscored a broader structural shift in multinational telecom investment. Telenor’s sale comes at a time when global operators are reassessing portfolios, balancing capital allocation, competitive dynamics and regulatory environments across regions. Exiting Thailand — following Telenor’s recent sale of its Pakistan business — demonstrates how major carriers are refocusing on core markets where they see clearer paths to return on capital and strategic alignment.
The deal also highlights how regional players like Arise Digital Technology are consolidating position in domestic telecom sectors, potentially accelerating investment in 5G, AI, cloud services and digital infrastructure within Southeast Asia. For vendors, integrators and network partners, changing ownership can signal new procurement horizons, renewed infrastructure investment and shifts in technology strategy.
The transaction closes a significant chapter in Asia for Telenor and reflects an industry-wide trend of portfolio simplification, strategic realignment and capital discipline across global telecom operators.
