Gulf Energy offers US$5.4 billion for top telco in second-largest Thai deal

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.

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