OSLO, NORWAY: Total Access Communication (Dtac) and True Corporation (True) announces that following the completion of the merger due diligence, the Board of Directors of each company approved the amalgamation and entered into an agreement to create a new telecom-tech company.

As announced on 22 November 2021, there will be a voluntary tender offer (VTO) following regulatory approval. Prior to the VTO Telenor will hold around 28 % of the shares.

The outcome of the VTO will determine the equalized ownership percentage and the parties will be aiming for an ownership share of around one-third in the merged company.

The transaction will be subject to approvals by shareholders and customary regulatory approvals. Dtac and True have filed a merger notification with the National Broadcasting and Telecommunication Commission.

Dtac and True will continue to run their businesses independently until the transaction is completed, which is expected to be within 2022. A joint integration planning project will be established to work on business development, synergies, and transition planning.

Total Access Communication Public Company Limited, commonly known as DTAC is a GSM mobile phone company in Thailand. It is the nation’s third largest GSM phone company, after AIS and True. DTAC is owned by Norwegian company Telenor both directly and indirectly, and both companies share the same logo. www.dtac.co.th

True Corporation Public Company Limited is a communications conglomerate in Thailand. True controls Thailand’s largest cable TV provider, TrueVisions, Thailand’s largest internet service provider True Internet and one of Thailand’s largest mobile operators, TrueMove H, which is second only to AIS. www3.truecorp.co.th