Telenor agrees to buy stakes in Thailand's Ucom and TAC

United Communications Industry, one of Thailand''s largest telecommunications companies, aims to reduce its debt to fund expansion through a strategic sale to Telenor.

United Communication Industry, one of Thailand's largest telecommunications companies, agreed to sell as much as 24.9% of itself, and up to 30% of its Total Access Communication TAC cellular phone subsidiary, to Norway's Telenor for $720 million in an effort to reduce debt.

Telenor, Norway's largest telecommunications company, will buy $189 million of Ucom shares at $1.75 each - a 162% premium to Ucom's closing price of Bt26.25 $0.67 on May 12. Telenor will also buy up to...

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