Telenor CEO eyes more M&A deals after Malaysia

FILE PHOTO: Sigve Brekke, President and CEO of Telenor, delivers a keynote speech during the Mobile World Congress in Barcelona, Spain February 23, 2016. REUTERS/Albert Gea/File Photo

OSLO (Reuters) - Norwegian telecoms firm Telenor will seek opportunities for mergers and acquisitions in several of its Asian markets, as well as in Denmark, to obtain the size and cost savings needed for digital investments, its chief executive said on Thursday.

Telenor and Malaysia’s Axiata Group are nearing a deal to combine their Malaysian mobile operations to create the country’s top player, the two companies announced earlier on Thursday.

“In the last couple of years we’ve spoken of the need to affirm our positions in the five Asian markets in which we operate,” Chief Executive Sigve Brekke told Reuters.

“This time we’re doing it in Malaysia, and we’re also saying we will look at opportunities in other countries,” Brekke said, adding that Denmark was among the countries in need of market consolidation.

Reporting by Terje Solsvik, editing by Victoria Klesty