TELNY - Norway's Telenor divest Myanmar operations to M1 Group for $105M

The Norwegian telecoms company Telenor (TELNY) has agreed to sell its entire operations in the country to the M1 Group, a Lebanese-based investment firm, for $105MTelenor said in a statement, " The situation in Myanmar was growing increasingly challenging due to security, regulatory and compliance reasons, which form the basis for the decision to divest the company. The implied value of the entire business is about $600M."That follows earlier discussions to write off the value of the business after a military takeover ignited a public backlash and the authorities imposed limits on mobile and internet access.Further the company says, 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.

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Norway's Telenor divest Myanmar operations to M1 Group for $105M