The agreement, revealed on Thursday, marks a major strategic shift for the Oslo-based operator as it continues to pull back from Asian markets to focus more squarely on its Nordic core.

Under the terms, Telenor will immediately sell 24.95% of its True shareholding at THB 11.70 per share to Arise Digital Technology Company, a firm controlled by Thai investor Khun Suphachai Chearavanont. A mutual put/call option covers the remaining 5.35%, scheduled for sale two years after the initial closing at the higher of the original price or prevailing market value.

True Corporation, created by the 2023 merger of True and dtac, is one of Thailand’s largest telecom and tech groups with around 60 million customers across mobile, broadband and digital services.

For Telenor, the sale caps a quarter-century in a market it first entered in 2000 and helped transform through major investments and the dtac–True merger. According to company figures, the value of Telenor’s Thai shareholding has grown from around NOK 12bn before merger talks to roughly NOK 39bn under the agreed sale terms.

The deal will also generate a significant accounting gain, with Telenor expecting to recognise about NOK 14.7bn once the first tranche closes. Further details on how the proceeds will be used are due alongside Telenor’s upcoming Q4 2025 results.

This divestment follows Telenor’s exit from Pakistan and underscores a broader pivot away from Asia. The transaction remains subject to customary regulatory approvals and is expected to complete in the coming months.

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