SINGAPORE -- Telecom operators Axiata Group and Telenor said Monday that they are in talks to merge Asian operations to create a combined presence in nine countries, challenging regional leader Singapore Telecommunications amid rising investment needs for next-generation infrastructure.
The two companies announced they would establish a new entity that is 56.5%-controlled by Norwegian state-owned Telenor and the rest by Malaysia's Axiata. They estimate that the new company will bring in revenue of some 50 billion ringgit ($12 billion) and net profit of 4 billion ringgit.
