Deals
Thai Billionaire Plans $20.5 Billion Telco, Energy Merger
- Boards of Gulf Energy, Intouch Holdings approve merger plan
- Voluntary offers for Advanced Info, Thaicom also announced
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Thai billionaire Sarath Ratanavadi plans to merge his listed power company with an affiliate that owns the nation’s most-valuable mobile phone operator, creating a business worth $20.5 billion based on Tuesday’s closing prices.
Gulf Energy Development Pcl will combine with its telecom unit Intouch Holdings Pcl, the companies said in separate statements. Existing Gulf Energy shareholders will receive 1.02974 shares of the merged entity, while Intouch holders will get 1.69335 shares for every stock held, they said. Gulf owns about 47.4% stake of Intouch.