Norway’s Telenor sells Myanmar operations to M1 Group for $105m

Telenor's 37th LightHouse follows the mission of digital literacy in Myanmar. Photo: Telenor.

Norwegian telecoms operator Telenor has sold its Myanmar operations to Lebanese investment firm M1 Group for $105 million, Telenor said on Thursday.

“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.

Telenor wrote off the value of its Myanmar unit in May, booking a loss of 6.5 billion Norwegian crowns ($752 million), after seeing its mobile business severely restricted following the Feb. 1 military coup.

The transaction corresponds to an implied enterprise value of about $600 million, and the sale to M1 group will guarantee continued operations, Telenor Chief Executive Sigve Brekke said.

“The situation in Myanmar has over the past months become increasingly challenging for Telenor for people security, regulatory and compliance reasons,” Brekke said.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.