Telenor Sells $3.9 Billion Stake in Thailand’s True to Arise

Telenor ASA agreed to sell its stake in Thai telecommunications operator True Corp. to Arise Digital Technology Co. for a total value of 39 billion kroner ($3.9 billion).

The Norwegian company is selling a 24.95% holding at 11.7 baht (37 cents) per share, it said in a statement Thursday. Both sides agreed a mutual put/call option for the remaining 5.35% two years after the initial sale closes.