Thai mobile operator to buy internet firm

Bloomberg

Advanced Info Service Pcl, Thailand’s biggest mobile phone operator, plans to expand its network by acquiring Triple T Broadband Pcl and an infrastructure fund for a total of 32.4 billion baht ($908 million).
The Bangkok-based company will buy internet provider Triple T from Jasmine International Pcl for 19.5 billion baht, Chief Financial Officer Tee Seeumpornroj said. It will also acquire 1.52 billion units, or a 19% stake, in Jasmine Broadband Internet Infrastructure Fund for 12.9 billion baht. At 8.5 baht a unit, that is a 7.6% discount to the fund’s latest unit price of 9.2 baht.
“This acquisition will enhance consumer access to broader and better quality of service by improving broadband inclusion in new areas targeting the upcountry and non-city areas,” Tee said. “This aligns with our business direction to grow the broadband business and effectively develop the nation’s fibre infrastructure.”
Shares of Advanced Info rose as much as 2.8% on Monday, the biggest gain since June 24. Jasmine International, a technology company that is expanding into Bitcoin mining, dropped as much as 7.2%, while Jasmine Broadband slid 7.4% before paring the loss to 3.2%. “Advanced Info is the biggest beneficiary from this deal as the acquisition cost is much lower than we previously expected,” said Wasu Mattanapotchanart, an analyst at Maybank Securities (Thailand) Pcl.