OSLO/BANGKOK: After Pakistan, Norwegian telecom operator Telenor has agreed to sell its entire 33.3% stake in Thailand’s True Corporation to Charoen Pokphand Group’s investment arm for approximately $3.9 billion in cash.
The transaction, announced on January 22, 2026, marks Telenor’s complete exit from the Thai market after more than two decades of investment.
Strategic Exit from Southeast Asia
Telenor CEO Sigve Brekke described the deal as a “milestone” in the company’s strategy to focus on core Nordic and Asian markets with stronger long-term potential. The proceeds will primarily fund shareholder returns, debt reduction, and reinvestment in high-growth areas such as digital services and infrastructure.
Telenor first entered Thailand in 2001 through a joint venture that eventually led to the creation of dtac, which merged with TrueMove H in 2023 to form True Corporation.
True Corporation Gains Full Control
The sale gives Charoen Pokphand (via its affiliate) majority ownership of True Corporation, Thailand’s largest mobile operator by subscribers following the 2023 merger. True’s chairman Suphachai Chearavanont welcomed the transaction, stating it strengthens the company’s position as a leading converged telecom and digital platform provider.
The deal is expected to close in the second half of 2026, subject to regulatory approvals from Thai authorities and other customary conditions.
Financial Impact
Telenor expects to book a gain of around NOK 20-25 billion ($1.8-2.3 billion) from the sale, depending on final adjustments. The company reiterated its commitment to a progressive dividend policy and plans to return significant capital to shareholders.
Analysts viewed the exit positively, noting Telenor’s reduced exposure to competitive and regulated emerging markets.