Telenor opened early stage talks with Axiata Group’s largest shareholder on the potential acquisition of a minority stake in the Malaysia-based operator group, Bloomberg reported, reigniting the possibility of a wide-reaching tie-up between the two.
The news publication’s sources claimed Telenor was in talks with Malaysian sovereign wealth fund Khazanah Nasional Berhad on a number of options related to Axiata, months after discussions on a merger between Axiata and Telenor collapsed.
Potential arrangements include buying part of Khazanah Nasional Berhad’s 37 per cent stake in Axiata, or specific deals related to individual countries or infrastructure assets.
In September 2019 Axiata and Telenor mutually agreed to end talks over a potential merger of their businesses in Asia, having first announced the proposed tie-up in May. The original plan would have involved the companies combinng their operations in the area, with Telenor taking a majority stake.
On announcing the abandonment of the original proposal, Telenor said it did not rule out a future transaction related to Axiata.
Earlier this week Telenor announced a revamp of its management team in three of its Asian units, as it aims to refocus its operation in the region.Subscribe to our daily newsletter Back