Telenor and Malaysia's Axiata Group have ended talks to create a telecoms j...
) have ended talks to create a telecoms joint venture with nearly 300 million customers across South Asia and Southeast Asia in a blow to the Norwegian group’s growth strategy and shares.
Telenor sold its central European operations last year as it seeks to focus on its Nordic and Asian businesses. Telenor said in a statement that both parties had agreed to end the discussions “due to some complexities involved in the proposed transaction”, without giving further details of what had scuppered plans for the largest such cross-border deal in Asia, excluding China and Japan.
“It has been a theme among investors that this deal could have created fair amount of value,” said Stefan Billing, analyst at Kepler Cheuvreux. Control of the combined entity and job cuts could have been the main sticking points, particularly for the Malaysian government, whose sovereign wealth fund Khazanah owns a 37% stake in Axiata.
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