New Street: Telenor (Neutral, TP: NOK170, +19%) Second deal in Asia, looks very cheap on multiples
Telenor has announced a second in-market M&A deal in Asia, this time Thailand, where its business DTAC will merge with True to create a duopoly. This deal is highly synergistic (read about that HERE) thanks to the huge spectrum payments in Thailand, and we would see Telenor’s share of the synergies equal to a c7% support to the Group SOP (NOK10/share).Telenor is a holding company. Through its subsidiaries, Co. operates as a telecommunication company. Co. provides mobile communication, fixed line communication, and broadcasting activities. Co.'s mobile communication business includes voice, data, Internet, content services, customer equipment and messaging. Fixed service comprise telephony, Internet and television (TV), leased lines as well as data services and managed services. Broadcast comprises Canal Digital DTH in the Nordics, satellite broadcasting, terrestrial radio and TV transmission in Norway and Belgium and encryption related services for TV distribution.
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