Telenor Exits Asia Operations to Focus More on the Nordic Region

Telenor ASA TELNY is reshaping its geographic footprint by aiming for a strategic pivot away from non-core Asian operations toward a more focused, Nordic-centric business model. The company has inked an agreement to divest its remaining stake in Thailand’s True Corporation, freeing up capital and management bandwidth to support long-term value creation in its core markets.

TELNY Exiting Thailand

Telenor has agreed to sell 24.95% of its ownership stake in True Corporation to Arise Digital Technology Company Limited at THB 11.70 per share. The deal also includes an option to divest the remaining 5.35% stake, exercisable two years after the initial closing at the higher of THB 11.70 per share or the prevailing market price.

Telenor expects to recognize an accounting gain of approximately NOK 14.7 billion at closing. It follows the completion of Telenor Pakistan’s divestment in December and reflects a broader strategy to pursue structural simplification in Asia, monetizing assets where scale and strategic control are limited, while reallocating capital toward markets that offer more predictable returns. The proceeds bolster balance sheet flexibility, support disciplined capital allocation and reinforce the group’s commitment to shareholder remuneration.

TELNY Concentrating on Nordics

As Telenor reduces its Asian exposure, it is striving to evolve into a more Nordic-centric provider of secure connectivity. The Nordic region offers stable regulation, advanced digital infrastructure and strong demand for high-quality mobile and enterprise services that are well-suited to Telenor’s strategic priorities.

Looking forward, Telenor has identified four focus areas: growth through customer excellence, technology-led transformation, stringent cost-cutting measures and sustained shareholder value creation. A streamlined geographic footprint enables tighter execution across these priorities, particularly as Telenor invests in 5G, digital security and efficiency improvements in its home markets.

TELNY Peers

Telenor competes with Telecom Italia S.p.A. TIIAY, Deutsche Telekom AG DTEGY and VEON Ltd. VEON. Telecom Italia offers mobile communication, fixed-line communication and broadcasting services worldwide. The company also has a controlling interest in TIM Brazil. The stabilization in domestic business, underpinned by cost reduction initiatives and market pricing rationality, is the primary growth driver for Telecom Italia.

Deutsche Telekom is one of the largest telecommunications service providers in Europe. In addition to its strong position in the domestic market, the company is poised to benefit from the accretive post-merger integration of T-Mobile US Inc. and Sprint in the United States. The removal of forced cable TV access in multiple dwelling units in Germany through telecom legislation is likely to help the company expand its broadband market. Moreover, an aggressive fiber rollout strategy across the country is expected to augment its domestic market hold.

Headquartered in Amsterdam, the Netherlands, VEON offers voice, data and other telecommunication services through a range of wireless, fixed and broadband Internet services across Russia, Pakistan, Algeria, Uzbekistan, Ukraine, Bangladesh, Kazakhstan, Kyrgyzstan and Georgia. Continued investments in digital capabilities and services remain a key strategy for the company as it aims to transform lifestyles through technology-driven services in some of the world's fastest-growing emerging markets.

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