Arise acquires True shares for over THB 100 billion, strengthens digital infrastructure and AI
Arise’s acquisition of a stake in True Corporation will enhance its AI, data centre and digital infrastructure capabilities, with no major impact on True’s operations. The move is part of Arise’s strategy to transform True into a digital platform leader.
Arise Digital Technology has officially acquired True Corporation shares worth over THB 100 billion from Telenor, marking one of the most closely watched deals of early 2026. While stock prices fluctuated following the announcement, analysts believe this acquisition is not a reflection of any weakness in True’s core business but rather a strategic shift in its shareholder structure to enhance long-term potential.
Key Points for Investors:
1. No Change to True’s Core Operations
Analysts agree that the core operations of True remain unchanged. The company’s revenue continues to be stable, driven by its subscription model in mobile and broadband. The shift is more about transitioning from a traditional telecom model to a platform-driven model, with a focus on AI and digital infrastructure, which presents significant growth opportunities.
2. Telenor’s Exit as Part of Portfolio Strategy
Telenor’s sale of its stake is not due to concerns about True’s business but aligns with its portfolio rotation strategy. Since 2021, Telenor had expressed its intent to reduce investments in Asia, focusing more on the Nordic region and higher-margin, stable markets. The deal with Arise, a strategic investor, aligns with Telenor’s goals and provides True with a partner experienced in digital infrastructure and AI.
3. Stock Price Reaction: Short-Term Volatility
The stock price agreed for the deal was around THB 11.70 per share, slightly lower than the market price at the time of the announcement (THB 12+). However, analysts believe this discrepancy reflects the "negotiation period" rather than a negative outlook on True’s long-term value. The price drop is seen as a short-term market reaction.
4. Arise’s Long-Term Vision for True
Arise, founded by Suphachai Chearavanont, aims to evolve True into a digital platform that leverages AI, data centres, cloud services, and digital services to drive future revenue streams. Arise is positioning itself as a strategic investor, with a focus on innovation and growth in sectors like AI, Fintech, and Digital Infrastructure, rather than using traditional industrial investment strategies.
5. Management Stability and Continuity
A positive sign for the future is that Sigve Brekke, CEO of True, remains in his role, continuing to lead the company. His new role as Chairman of Technology and Digital at Arise indicates a long-term strategic alignment. The integration of teams from DTAC (True’s previous acquisition) into True’s workforce further ensures smooth continuity in management and operations.
Brekke also commented on the acquisition, stating, “I am excited to have Arise Digital Technology as a shareholder in True Corporation. This transaction will not affect our operations. We will continue to operate as planned, building on the results from Q4 2025, focusing on driving the business according to strategy, and delivering excellent customer experiences every day.”
The acquisition by Arise is not a change in the fundamentals of True but a strategic shift in its ownership, aimed at boosting AI, cloud, and digital infrastructure capabilities. Analysts view the short-term stock price fluctuation as a reaction, not a reflection of True’s long-term value. As Arise works to reposition True as a digital platform, the deal is expected to open new revenue opportunities in these growing sectors.
