Telenor sells Myanmar operations to M1 Group

    Norwegian telecommunications company Telenor, one of Myanmar’s largest carriers, said on Thursday it had agreed to sell all its operations in the country to M1 Group, a Lebanese-based investment company, for $ 105 million.

    Telenor announced earlier that it was deleting the value of the business after a military takeover provoked a public backlash and authorities imposed restrictions on mobile and Internet access.

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    “The further deterioration of the situation and recent developments in Myanmar are the basis for the decision to sell the company,” Telenor said in a statement.

    He said the Beirut-based M1 Group would take over the entire Myanmar business, acquiring 100% of the company, its range, licenses, contracts and operations, employees and customers.

    The agreement is subject to regulatory approvals in Myanmar, he said.

    Telenor had previously said that its continued presence in the country would depend on whether it could “make a positive contribution to the people of Myanmar” under the current military leadership, which ousted the elected government of Aung San Suu Kyi.

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