BANGKOK-Verizon has agreed to sell its 10-percent stake in Thai telecom company TelecomAsia to Golden Tower Trading Ltd. and Mission Gain Investments Ltd. for an undisclosed amount.
“Our decision to exit from this investment is based solely on our strategic decision to focus on the Americas. As a result of that strategy, Verizon has already sold its investments in the Philippines and other Asian countries,” said Daniel C. Petri, group president international for Verizon.
Verizon sold about 369.5 million shares of TelecomAsia. Golden Tower purchased about 234.5 million shares, and Mission Gain Investments bought 135 million shares. The shares were valued at about 10 cents each, which would put the deal at around $38.5 million.
TelecomAsia owns 44 percent of CP Orange, the third-largest mobile operator in Thailand and owned 49% by Orange plc.
