Media & TelecomGulf Energy offers $5.4 bln for telco in second-largest Thai deal
ReutersPatpicha Tanakasempipat
4 minutes read
Gulf Energy Development (GULF.BK), Thailand s biggest power producer run by billionaire Sarath Ratanavadi, offered a $5.4 billion bid on Monday for Intouch Holdings (INTUCH.BK), which controls the country s top mobile phone operator AIS.
The 65 baht ($2.08) per share offer for the 81.1% shares of Intouch that Gulf doesn t already own, represents an 11% premium to Intouch s close on Friday. Intouch stock rose as much as 9% on Monday to 63.75 baht and closed at 63 baht.
The acquisition, if successful, will be Thailand s second-biggest ever intra-country deal after Tesco s $10.6 billion sale of its local operations last year, Dealogic data showed.
20 Apr 2021 / 00:47 H. Customers waiting for service at an AIS shop in Bangkok. – REUTERSPIX
BANGKOK: Gulf Energy Development, Thailand s biggest power producer run by billionaire Sarath Ratanavadi, offered a US$5.4 billion (RM22.27 billion) bid on Monday for Intouch Holdings, which controls the country s top mobile phone operator, Advanced Info Service (AIS).
The 65 baht (RM8.58) per share offer for the 81.1% shares of Intouch that Gulf doesn t already own, represents an 11% premium to Intouch s close on Friday. Intouch stock rose as much as 9% on Monday to 63.75 baht and closed at 63 baht.
The acquisition, if successful, will be Thailand s second-biggest ever intra-country deal after Tesco s US$10.6 billion sale of its local operations last year, Dealogic data showed.