Telenor ASA — M&A Activity 2022

Jun 29, 2022

Celcom-Digi receives regulatory clearance to move forward with merger in Malaysia

Celcom-Digi receives regulatory clearance to move forward with merger in Malaysia

Telenor’s Malaysian subsidiary Digi, and Axiata Group Berhad, have announced that they have received a Notice of No Objection from the Malaysian Communications and Multimedia Commission (“MCMC”) to proceed with the proposed merger of Celcom and Digi’s telco operations. With this notice the MCMC consents for the parties to advance to the next phase of the proposed transaction.

The completion of the transaction will now be subject to the approval of the Securities Commission, Bursa Malaysia, by both Axiata and Digi shareholders, and other customary terms and conditions. The parties estimate to complete the proposed merger within the second half of 2022 as previously announced. At completion, Axiata and Telenor will hold equal ownership of 33.1 percent each in the new merged company.

The parties remain confident that the merged company will realise the full value of estimated synergies of around USD 2 billion NPV.