Telenor agreed in January 2026 to sell its full stake in Thailand’s True Corporation to Arise Digital Technology, but the exit is staged: the initial 24.95% sale closed on 13 March 2026, while Telenor retained 5.35% under a future put/call option. Telenor put the planned transaction’s total value at approximately NOK 39 billion; the completed first tranche was valued at THB 100.9 billion.
What Telenor agreed to sell—and what has closed
On 22 January 2026, Telenor announced an agreement with Arise Digital Technology Company Limited, owned by Suphachai Chearavanont, covering its entire True Corporation holding. The agreement has two stages:
| Stage | Stake | Timing and status | Price or value |
|---|---|---|---|
| Initial sale | 24.95% | Completed on 13 March 2026 | THB 11.70 per share; THB 100.9 billion consideration, according to Telenor |
| Remaining holding | 5.35% | Still held by Telenor after the first closing; subject to a mutual put/call option exercisable two years after completion of the initial sale | Option price is the higher of THB 11.70 per share and the market price specified in Telenor’s announcement |
Telenor’s January announcement described approximately NOK 39 billion as the value of the overall staged transaction, including the planned later transfer. That figure does not mean the remaining shares had already been sold. True separately disclosed that Arise acquired 24.95% of its paid-up capital on 13 March 2026. Telenor’s 22 January announcement; Telenor’s closing announcement; True’s disclosure.
How much did the first sale bring in?
Telenor said the 24.95% tranche was sold for THB 100.9 billion. It received THB 98.8 billion at closing and expected to receive a further THB 2.0 billion within six months, according to its 13 March announcement. The release’s stated sale consideration and payment timing should be kept distinct: the full THB 100.9 billion was not described as cash received at closing.
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In its Q1 2026 report, Telenor recorded an accounting gain of NOK 12.199 billion on the disposal. This is the reported accounting result for the first-tranche disposal, not the transaction’s cash proceeds and not the approximately NOK 39 billion total value cited for the planned staged sale. Telenor Q1 2026 report.
When will Telenor fully exit?
The available transaction disclosures establish the completion of the initial 24.95% sale on 13 March 2026. After that closing, Telenor continued to hold 5.35%. The agreement provides a mutual put/call option for that remaining stake, exercisable two years after the initial sale closes; the described price is the higher of THB 11.70 per share and the specified market price. The January announcement sets the option’s timing and pricing terms, but does not establish that the remaining shares have transferred.
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Accordingly, “full stake” describes the intended overall transaction, not the ownership position immediately after the March closing. The remaining transfer depends on the option arrangement; these disclosures do not confirm a completed full exit.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why is Telenor leaving True?
Telenor said the divestment supports its strategic priorities and its evolution toward a more Nordic-centric provider of secure connectivity. That is the company’s stated rationale, rather than an independently established explanation for the decision.
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The sale follows a long operating history in Thailand. Telenor says it invested in TAC in 2000 and spent 25 years in the country. Its dtac business and True completed a merger in 2023 to form the listed True Corporation. In its January announcement, Telenor Group CEO Benedicte Schilbred Fasmer said: “We are confident that the engaged people in True will continue to grow and innovate for its around 60 million customers.” The customer figure is Telenor’s company-reported estimate in that announcement, not an independently verified current count. Telenor’s announcement and statement; Telenor’s company history.
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