True Corp and Telenor Group completed a long-awaited merger of their respective mobile units in Thailand, creating the largest operator in the country by subscribers.

The combined True Move and dtac entity will serve an estimated 55 million mobile customers, 5 million broadband connections and 3.2 million pay-TV subscribers, Telenor stated.

AIS, the previous market leader, had 46 million mobile connections at end-2022. data from GSMA Intelligence showed.

The new company is named True Corp and will have an enterprise value of more than $20 billion. Along with partners, it plans to raise $200 million in venture capital, “supporting promising digital start-ups focusing on new products and services that benefit Thai consumers”.

True and dtac stated in separate stock market filings they submitted plans to the National Broadband and Telecoms Commission to meet requirements for providing services to MVNOs and creating separate management and accounting systems for delivering mobile network services.

True Corp chairman Suphachai Chearavanont was named chair of the new entity’s board, with Telenor’s head of Asia Joergen Christian Arentz Rostrup appointed vice chair.

CP Group, True Corp’s parent company, and Telenor will be equal partners with a 30.3 per cent ownership stake in the new company.