Telenor Group unveiled talks with Charoen Pokphand (CP) Group exploring a potential merger between their respective Thai operations dtac and True Corp, a deal Reuters reported would create a business valued at $7.5 billion.
In a filing to the Oslo Stock Exchange, Telenor noted there was no guarantee the discussions with CP Group would result in an actual deal.
It added “there are open issues outstanding”, without providing additional detail.
GSMA Intelligence data for Q3 shows the combined business would have more than 50 million mobile connections, surpassing the 44 million of current market leader AIS.
Earlier this year, Telenor agreed to merge its Malaysian operation Digi with Axiata Group’s Celcom.
The Norway-headquartered group is also in the process of exiting Myanmar due to political turmoil.