19 April 2021
Gulf Energy Development, Thailand’s biggest power producer by market cap, offered to acquire Intouch Holdings, the country's largest telecom company, for US$5.4bn.
The Bangkok-based company, controlled by billionaire Sarath Ratanavadi, offered to buy 2.6 billion shares, or about 81% of Intouch, that it does not already own at 65 baht each, it said in an exchange filing. The offer price is 11% higher than Intouch’s close on Friday. While Intouch shares jumped as much as 9% on Monday, the most since March 2020, Gulf Energy tumbled as much as 5.3% to its lowest level since November.
Gulf Energy will also tender for 100% of Advanced Info Service, Thailand’s biggest mobile phone company controlled by Intouch, at 122.86 baht each. The Advanced Info offering will be subject to Gulf Energy securing at least 50% of Intouch, it said.