Advanced Wireless Network Co., Ltd. signed a non-binding and conditional letter of intent to acquire 56.2% stake in CS Loxinfo Public Company Limited (SET:CSL) from Singapore Telecommunications Limited (SGX:Z74) and DTV Service Company Limited for THB 2.6 billion on September 5, 2017. Advanced Wireless Network Co., Ltd. entered into an agreement to acquire 56.2% stake in Singapore Telecommunications Limited (SGX:Z74) from Singapore Telecommunications Limited (SGX:Z74) and DTV Service Company Limited on October 6, 2017. The shares will be acquired at a preliminary indicative price of THB 7.8 per share which is subject to further negotiations and/or due diligence. DTV Service Company will sell 250.1 million shares and Singapore Telecommunications will sell 84.1 million shares. The transaction will be funded from internal cash flow and/or loan from financial institutions. The transaction is subject to satisfaction of the due diligence result, entry into the definitive agreement, approval from Office of the National Broadcasting and Telecommunications Commission, approval from the Board of Directors and the approval from the shareholders of Advanced Info Service Public Company Limited, parent company of Advanced Wireless Network Co., Ltd., DTV Service Company Limited and Singapore Telecommunication Limited. The transaction was approved by the Board of Thaicom Public Company Limited (SET:THCOM), parent of DTV Service and Advanced Info Service Public Company on October 2, 2017. As on October 2, 2017, Advanced Info Service Public Company completed the due diligence for the transaction. On October 24, 2017, all corporate approvals have been obtained by Singapore Telecommunications Limited. On November 28, 2017, the transaction is approved by National Broadcasting and Telecommunications Commission. Shareholders of Thaicom Public Company Limited approved the transaction in the extraordinary general meeting held on November 30, 2017. As of December 1, 2017, all conditions for transaction have been fulfilled. The proceeds from the transaction will be utilized by Thaicom Public Company Limited to repay its debts, distribute the dividends to shareholders and reserve as its working capital or invest in the satellite business or related potential businesses. Silom Advisory Company Limited acted as financial advisor for DTV Service Company Limited. Silom Advisory Company Limited considers the deal as reasonable and recommends the shareholders to vote in favor. Weerawong, Chinnavat & Partners Ltd. acted as legal advisor in the transaction. Suparerk Auychai, Arthit Hemara, Noparat Kaewsringarm and Chunhapak Taechakumtornkij acted as legal advisor for Singapore Telecommunications Limited. Advanced Wireless Network Co., Ltd. completed the acquisition of 56.2% stake in CS Loxinfo Public Company Limited (SET:CSL) from Singapore Telecommunications Limited (SGX:Z74) and DTV Service Company Limited on January 22, 2018.