Axiata CEO confident on Telenor Malaysia deal - Mobile World Live

Axiata CEO confident on Telenor Malaysia deal

15 JUN 2021

A proposed merger of Axiata Group and Telenor Group’s Malaysian operations could be sealed within days, the former’s CEO Izzaddin Idris reportedly indicated, tipping the mooted tie-up to provide a major boost to country’s mobile industry.

Reuters reported Idris said in a virtual briefing both companies had concluded the due diligence process and were confident the final agreement would be signed within the next week.

Talks between the pair kicked-off in April, with a proposal for Axiata and Telenor to combine their respective Malaysian mobile operations Digi and Celcom in a deal which will see each group take a 33.1 per cent in the new entity.

Institutional funds will own the remainder of the merged company, dubbed Celcom Digi, and it will be listed on the Malaysian stock exchange.

Idris said shareholders had backed the deal, which he stated will help to restore long-term growth and profitability to the industry.

Should an agreement be reached, Idris said the merger would take between nine and 12 months to complete, depending on regulatory approvals.

This is the pair’s second attempt at a merger, after first exploring the move in 2019.

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Kavit Majithia

Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >>

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