Telenor buys 40 per cent in TAC (Thailand)

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Telenor buys 40 per cent in TAC (Thailand)

November 15, 2005

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Norwegian telecom group Telenor has taken control of Thailand's second largest mobile phone operator, Total Access Communications (TAC), by buying a 40 per cent stake in United Communication Industry (UCOM), a Thai-listed holding company which owns 42 per cent stake in Singapore-listed TAC, for Bt9.2 billion ($225 million).

This effectively raises Telenor's stake in UCOM to 65 per cent, which it bought from members of the founding Bencharongkul family. In 2000, Telenor paid $720 million to buy into TAC. Till now, it held about 42 per cent of the company, including 29.9 per cent in direct holdings and another 10.3 per cent indirectly through its holdings in UCOM.