Softbank in Talks to Buy Stake in Thai Mobile Network
Published on: 20th May 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
Japan's Softbank is reportedly close to closing a deal that would see it take a minority stake in Thailand's state owned mobile network operator TOT.
The deal would also involve a cash injection from Japan's Sumitomo Group to help fund the mobile network operator's 3G deployment.
TOT's chief executive, Yongyuth Wattanasin told the Bangkok Post that the company may appraise the value of its 2.1Ghz radio spectrum and existing 5,320 3G base stations ahead of a share acquisition by SoftBank and Sumitomo.
The stake has been valued at around the USD1 billion mark.
Mr Yongyuth confirmed that SoftBank had approached TOT with a financial offer last year, while Sumitomo showed intent this month. Last year's approach by Softbank was reported at the time to have been delayed by the resignation of TOT's board over an unrelated matter.
Softbank is currently involved in a USD20 billion offer to buy a 70% stake in the USA based Sprint Nextel.
On the web: Bangkok Post