Telenor : and Axiata in discussions to merge Malaysian operations

Telenor Group and Axiata Group Berhad are in advanced discussions regarding a
potential merger between its mobile operations, Celcom and Digi, in Malaysia. 

Both parties will have an equal ownership of 33.1% in the combined entity. As
part of the transaction, Axiata will receive newly issued shares in Digi, a cash
consideration from new debt in the merged company of approximately USD 400
million (around NOK 3.4 billion) and approximately USD 70 million (around NOK
600 million) from Telenor Group. 

The parties aim to create the leading telecommunication operator in Malaysia. A
transaction will realise synergies and provide value for shareholders in line
with our strategy of further developing Telenor's Asian portfolio.

Axiata and Telenor will work towards finalising agreements in relation to the
proposed transaction within the second quarter of 2021 following due diligence.
The parties acknowledge that there is no certainty that the discussions will
result in a final agreement.

The transaction will be subject to approval by Celcom and Digi shareholders,
receipt of regulatory and other customary approvals. 

Pro-forma revenue of the combined entity is approximately USD 3.0 billion
(around NOK 25.5 billion), EBITDA of around USD 1.4 billion (around NOK 11.7
billion) and with a total mobile subscriber base of approximately 19 million
customers.

Analyst call at 09:00 CEST today

Telenor's Chief Financial Officer Tone Hegland Bachke will host a conference
call for analysts and relevant media at 09:00 CEST today. 

To participate in the conference call, please register 15 minutes before the
conference starts by click to join:
 
https://events.globalmeet.com/Public/ClickToJoin/ZW5jPTRoQUZ2aDY4TXVsRUpBOG1STy8
yM05zaHl1NW5jVGVodEtGUTJ0WFZJNjVDRnNzWmVFckhDdz09

Prefer to dial in? 

[phone] (local Norway)
[phone] (local UK)
[phone] (local Malaysia) 
[phone] (local Singapore)
[phone] (local US)

Please state confirmation code 3008393, your name and company to the operator.
For the Q&A session: to queue up for questions please press *1

A recording and a transcript of the call will also be made available on
telenor.com/investors.

Investor Relations Contacts:

Øystein Myrvold, mobile: [phone], [e-mail]
Håkon Hatlevik, mobile [phone], [e-mail]
Kristine Devold, mobile [phone], [e-mail]

Click here for more information

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