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 $530 million of TAC shares at S$3.75 each - a 170% premium to TAC's closing price of S$2.40 $1.39 on the same day. TAC is listed on the Singapore Stock Exchange, while Ucom is...

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