The combined entity would take a market share of more than 50%, but the plans for the merger have taken a hit over concerns that it would limit competition in the Thai market.
The transaction was announced in November 2021, before receiving board approval in February of this year is estimated to be worth US8.6 billion.
The plan originally set a one-year deadline for carrying out the voluntary tender that would allow the merger to go ahead, but this has not yet been met according to Telenor.
The Norwegian firm says the parties aim to complete the transaction within the first quarter of 2023.
In February Jørgen Arentz Rostrup, SVP and head of Telenor Asia said: “The new company will have scale to both invest in network quality and make technology advancements that meet the changing needs of Thai consumers and support Thailand’s digital growth.
"This ensures telecom services that are attractive, affordable, and which enable innovation and partnerships for a wide range of new products,”
Telenor became a shareholder of Dtac in 2001 while True is a subsidiary of CP Group. Both CP Group and Telenor will be shareholders in the company.
Telenor added earlier this year that the combined company would focus on supporting Thailand’s digital transformation by bringing new partnerships and global technology advancements to the country.
