Telenor exits Thailand to refocus on Nordic growth
Telenor ends its Thailand chapter, selling 24.95% of True to Arise (about B120bn) as it shifts investment away from Asia to the Nordics
- The Telenor Group has announced the sale of a 24.95% stake in True Corporation Plc worth more than 120 billion baht, bringing to an end its 25-year business presence in Thailand.
- The buyer is Arise Digital Technology, which will become True’s full-fledged major shareholder.
- The sale is part of Telenor’s strategy to withdraw investment from Asian markets and refocus on growth in the Nordic region.
- Telenor’s departure marks a complete end to its role in Thailand, which began with investment in dtac and culminated in dtac’s merger with True.
- The deal reflects a shift in the Thai telecom industry’s structure—from an era of competition led by foreign players to one driven by major Thai capital groups.
Telenor has delivered a major surprise at the start of 2026 by announcing it will sell more than 24.95% of its shares in True Corporation Plc. The withdrawal ends the role of one of the most significant foreign investors to have influenced Thailand’s telecom industry—from the era of liberal competition through to consolidation.
Deal signed to sell 24.95% of True worth over 100bn baht
Telenor has signed an agreement to sell a 24.95% stake in True to Arise Digital Technology at 11.70 baht per share, for a total value of about 100.9 billion baht (around 32.3 billion Norwegian kroner), which the report also describes as around 120 billion baht.
At the same time, the two sides agreed on a put/call option arrangement covering Telenor’s remaining 5.35% stake, to be exercised within no more than two years. If exercised, Telenor would receive an additional about 21.9 billion baht.
The transaction will result in Telenor fully exiting its investment in True, while Arise will become True’s major shareholder.
Withdrawing from Asia to focus on the Nordics
The True stake sale forms part of Telenor’s strategic portfolio adjustment. The company previously completed the sale of its business in Pakistan and now aims to reduce investment exposure in Asian markets to focus growth in the Nordic countries and improve its return on capital employed (ROCE).
Benedicte Schilbred Fasmer, Telenor’s chief executive officer, said the divestment in Thailand reflects successful long-term value creation, noting that the value of the investment has increased more than threefold—from around 12 billion Norwegian kroner before the merger to about 39 billion Norwegian kroner at present.
25 years from TAC to a landmark merger
Telenor first entered Thailand in 2000 through its stake in Total Access Communication (TAC), later developed into the dtac brand, and grew into one of the country’s leading mobile operators—playing a key role in expanding access to mobile services.
A major turning point came in 2023, when dtac merged with True to form the new True Corporation, described as the largest telecom merger deal in Southeast Asia and a major base for investment in 5G networks and advanced digital technologies.
On 1 March 2026, the True–dtac merger will reach its third anniversary. Previously, Thailand’s NBTC set conditions when approving the merger to focus on consumer protection and fair competition. These included cutting the average service fee by 12% within 90 days, keeping brands separated for three years, maintaining existing contract conditions, and expanding low-priced package options for retail users—alongside requirements to provide quality and pricing data for NBTC scrutiny. As a result, when 1 March arrives, it is highly likely the dtac brand will no longer be seen in the Thai market.
Arise takes the baton, flags long-term digital strategy
Suphachai Chearavanont said Arise’s stake purchase is a strategic investment to strengthen Thailand’s digital ecosystem. Arise will support True’s growth in innovation, customer experience and sustainable value creation.
The Arise Ventures Group investment portfolio spans digital infrastructure, data centres, cloud, artificial intelligence and fintech, with the aim of pushing Thailand to become a regional digital economy hub.
Implications for Thailand’s telecom industry
Telenor’s withdrawal not only closes the chapter on the dtac brand entirely, but also reflects a structural shift in Thailand’s telecom sector—from foreign-led competition to an era of capital concentration and digital strategy driven by major Thai groups.
As True enters a new chapter under a single main shareholder, competition will increasingly depend on investment efficiency, networks and advanced technologies used to attract customers, with AIS remaining the key rival.
