In 2019, Norwegian Telenor and Malaysian Axiata tried to merge their entire Asian businesses into one global mobile giant. The plan was abandoned later that year, but now the parties are ready to seal a deal to merge their Malaysian mobile operations within days, Axiata’s CEO Izzaddin Idris said on Tuesday.
Reuters reports that both Telenor and Axiata have concluded the due diligence process for the merger of Celcom Axiata Bhd and Telenor’s DiGi.Com Bhd and Izzaddin Idris stated during a virtual briefing that both are hopeful to sign the agreement soon.
“The signing is a matter of days or a week,” he added.
The two companies will each own about 33.1% of the merged entity Celcom Digi Berhad which is expected to be the top player in Malaysia’s highly competitive sector. The merger is expected to be completed in nine to 12 months, depending on regulatory approvals.