Economic Reporter :
Telecom firms Telenor and Axiata have “mutually agreed to end discussions” to merge their Asia operations to gain a bigger foothold in the region’s mobile phone market with potentially 300 million customers across nine countries.
Announcing the development in a statement on Friday, Telenor said the proposed deal collapsed after four months of talks ‘due to some complexities’ without shedding any further light on the matter.
In the proposed non-cash merger, Telenor’s stake was expected to be 56.5 percent and Axiata’s 43.5 percent.
Both companies operate in Malaysia, Thailand, Myanmar, Bangladesh and Pakistan. Axiata also has a presence in India, Sri Lanka, Nepal, Cambodia and Indonesia.
Telecom firms Telenor and Axiata have “mutually agreed to end discussions” to merge their Asia operations to gain a bigger foothold in the region’s mobile phone market with potentially 300 million customers across nine countries.
Announcing the development in a statement on Friday, Telenor said the proposed deal collapsed after four months of talks ‘due to some complexities’ without shedding any further light on the matter.
In the proposed non-cash merger, Telenor’s stake was expected to be 56.5 percent and Axiata’s 43.5 percent.
Both companies operate in Malaysia, Thailand, Myanmar, Bangladesh and Pakistan. Axiata also has a presence in India, Sri Lanka, Nepal, Cambodia and Indonesia.
