Axiata Group Berhad and Telenor Group have mutually agreed to end discussions regarding a non-cash combination of their telecom and infrastructure assets in Asia (the "Proposed Transaction").
Over the last four months, both parties have been working on due diligence and finalizing transaction agreements to be completed within the third quarter of 2019. Due to some complexities involved in the Proposed Transaction, the parties have mutually agreed to end the discussions.
Both parties still acknowledge the strong strategic rationale of the Proposed Transaction and they do not rule out that a future transaction could be possible. However, the parties do not intend to provide further comments.
Back in May, Norweigian telco Telenor said it may potentially merge its Asian operations with Malaysian telco Axiata. The merger would have become one of the Asian continent’s largest mobile infrastructure companies and as would see the closing of 300 million customers in nine countries.