Clifford Chance is advising China Mobile Ltd. on an $880.5 million investment in Thai telecommunications carrier True Corp. Pcl.
Through a subsidiary, the Chinese state-owned company is buying an 18 percent stake in True, which provides cellular, internet and cable television services to 29 million subscribers in Thailand and is majority-controlled by local conglomerate Charoen Pokphand Group.
True’s deal with China Mobile is part of a larger $2 billion share sale the company is conducting in order to repay debt, increase working capital and fund expansion. The transaction, subject to shareholder and regulatory approval, is expected to close at the end of August.
Beijing partner Terence Foo and Bangkok partner Andrew Matthews are leading the Clifford Chance team advising China Mobile.
Linklaters Bangkok partner Wilailuk Okanurak is advising True, along with Bangkok partner Pornpan Chayasuntorn and Beijing partner Judie Ng Shortell.