UPDATE 1-Thailand's Gulf Energy and telco Intouch Holdings to merge

Reuters SG
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July 16 (Reuters) - Thailand's power producer Gulf Energy Development and Intouch Holdings, which controls the country's top mobile phone operator AIS, said on Tuesday they would merge to create a major digital and energy infrastructure player in Southeast Asia.

The deal, expected to close by second quarter of 2025, will result in the dissolution of Intouch and Gulf and the formation of a new public limited company, with a registered capital of 14.94 billion baht ($414.77 million).

Gulf already is the biggest shareholder of Intouch with a 47.37% stake, followed by Singapore Telecommunications (SingTel) , which owns 24.99%.

Separately, SingTel, Singapore's largest telecoms firm, said it would have a near 9% stake in the new company, and will book an estimated gain of S$400 million ($297.42 million) from the merger.

"This group restructuring will simplify Singtel's shareholding in its Thai associate AIS by removing Intouch as the intermediary holding company," it said.

As part of the deal, Intouch and Gulf will also launch tender offers to acquire all remaining shares in Advanced Info Service (AIS) at 216.3 baht per share, and for Thaicom at 11 baht per share, the parties said.

($1 = 36.0200 baht) ($1 = 1.3449 Singapore dollars) (Reporting by Himanshi Akhand in Bengaluru; Editing by Shailesh Kuber)