Axiata, Telenor to Ink $11 Billion Deal for Malaysia Tie-up
- Axiata to transfer entire stake in Celcom Networks to Digi.com
- Merged entity will see Axiata, Telenor having equal ownership
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Axiata Group Bhd. and Norway’s Telenor ASA signed a definitive agreement to combine their Malaysian mobile operations in what is the biggest telecom transaction in the Southeast Asian country.
Axiata will transfer its stake in Celcom Axiata Bhd. to Digi.com Bhd. for 17.8 billion ringgit, according to a filing on Monday. In return, it will get new shares and 1.7 billion ringgit in cash from Digi, and close to 300 million ringgit from Telenor. The merged entity will have a “pre-synergy equity value” of close to 50 billion ringgit ($12.1 billion).