Telenor-owned Digi and Celcom received regulatory clearance from the Securities Commission Malaysia for its proposed merger, leaving only shareholders and the Malaysian stock exchange approvals to seal the deal.
In a stock exchange update, Telenor detailed the completion of the merger now hangs on approval from Bursa Malaysia and shareholders of Axiata and Digi. The company expects to the merger to be completed before the end of this year.
Digi and Axiata received approval for the deal from the Malaysian Communications and Multimedia Commission (MCMC) in June, after agreeing to certain concessions.
Digi and Celcom are the second and third largest operators in Malaysia with a combined 19 million subscribers and revenue of US$3 billion.
The companies initiated plans to merge to remain competitive against market leader Maxis.