Telenor sells Myanmar operations to M1 Group
The Norwegian telecoms company Telenor, one of the biggest carriers in Myanmar, said Thursday it has agreed to sell its entire operations in the country to the M1 Group, a Lebanese-based investment firm, for $105 million.
Telenor earlier announced it was writing off the value of the business after a military takeover caused a public backlash and the authorities imposed limits on mobile and internet access.
"Further deterioration of the situation and recent developments in Myanmar form the basis for the decision to divest the company," Telenor said in a statement.
It said Beirut-based M1 Group would take over its entire Myanmar business, acquiring 100% of the company, its spectrum, licenses, contracts and operations, employees and customers.
The deal is subject to regulatory approvals in Myanmar, it said.
Telenor earlier had said its continued presence in the country would depend on whether it could "contribute positively to the people of Myanmar" under the current military leadership, which ousted the elected government of Aung San Suu Kyi.