Ncell‘s Investor and Malaysian telecom firm Axiata Group Bhd and Norway’s Telenor ASA’s will strike a deal to merge the Malaysian mobile operations soon.
“Both companies have concluded the due diligence process and will pen the agreement soon. The signing is a matter of days or a week,” Axiata’s CEO Izzadin Idris said.
Axiata’s CEO also said that shareholders were very encouraged with the imminent merger of Malaysia’s second and third-largest mobile services providers, which Axiata expects will help achieve long-term growth and profitability to the industry in the country.
The two telcos in April were in advanced talks to team up Celcom Axiata Bhd and Telenor’s DiGi.Com Bhd with an aim to become the leader in Malaysia’s highly competitive telecom sector. Following the merger, the two companies will each own about 33.1% of the merged entity, Celcom Digi Berhad.
After the merger is complete, the telco will operate under the new brand Celcom DiGi Bhd. The Axiata CEO revealed the complete merger will take between nine to twelve months, depending on regulatory approval.
The Malaysian telecom giant entered Nepal after its acquisition of a 60.4% stake in Ncell, worth $1.03 billion, the largest deal ever in Nepal’s history. The sum amounted to Rs. 109.86 billion in Nepali currency. Axiata’s acquisition followed rebranding into Ncell Axiata, integrating the new investor’s title.
Source: https://www.nepalitelecom.com/2021/06/axiata-group-merging-with-telenor-asa.html