Gulf Energy Development Public Company Limited intends to acquire 41.13% stake in Thaicom Public Company Limited from Intouch Holdings Public Company Limited for THB 4.5 billion.

Gulf Ventures Company Limited intends to acquire 41.13% stake in Thaicom Public Company Limited (SET:THCOM) from Intouch Holdings Public Company Limited (SET:INTUCH) for THB 4.5 billion on November 7, 2022. As per the terms, Gulf Ventures Company Limited will acquire 450,870,934 shares representing 41.13% stake, and will launch a tender offer to acquire remaining shares. The offer price per share is THB 9.92.

The funds for the Transaction will be from Gulf Energy internal working capital and/or credit facilities from financial institutions and/or bond issuance and/or other debt securities. The acquisition is conditional upon approval of Intouch shareholders, regulatory approvals, and other conditions precedent. Gulf Energy Development board has approved the acquisition.

As of December 20, 2022, Intouch Holdings Public Company board has approved the acquisition. Gulf Energy expects that the conditions precedent will be fulfilled within the first quarter of 2023. As on December 29, 2022, Intouch Holdings Public Company Limited have completed the conditions precedent for the acquisition of ordinary shares of Thaicom Public Company Limited.

The transaction is expected to complete within December 30, 2022, Avantgarde Capital Company Limited acted as a financial advisor to Intouch Holdings.