Malaysia's Axiata Group Berhad says it is in talks with Norway's Telenor ASA to merge their Asian operations, creating a new firm with some 300 million customers in nine countries, AP reports.
Axiata said in a statement that Telenor is expected to hold a 56.5 percent stake and Axiata 43.5 percent in the new company. Annual sales for the merged regional entity are estimated at more than $12 billion, with earnings of more than $4.8 billion.
Both firms operate in Malaysia, Thailand, Myanmar, Bangladesh and Pakistan. Axiata also has a presence in India, Sri Lanka, Nepal, Cambodia and Indonesia but it said its Bangladesh operation would be excluded.
Axiata said merged company could be the largest telecom operator in the region and potentially one of the world's top five mobile infrastructure players. By revenues, the new firm might rank 29th 29th globally, in terms of revenue.
In Malaysia, the union of Axiata's Celcom and Telenor's Digi in Malaysia will form the largest mobile operator in the country.
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