Telenor's Fire Sale of Myanmar Unit Includes $100 Million in Funds - Sources

Norway’s Telenor is planning to transfer $100 million held by its troubled Myanmar operations to the unit’s new buyers – an amount roughly equivalent to how much it will be paid over five years, three people with knowledge of the deal’s terms said. The previously undisclosed detail of the controversial sale underscores the urgency of […]

Telenor Investors Scrutinize Myanmar Sale

Several investors in Telenor are seeking assurances from the Norwegian telecoms company that customer data will be protected following the sale of its operations in Myanmar. Myanmar’s military rulers have given the go-ahead for a local company, Shwe Byain Phyu, to own most of Telenor’s business in the Southeast Asian country, under a deal to […]

Telenor Partners with Amazon to Modernize Systems, Offer Services

Norway’s Telenor said on Thursday it had partnered with Amazon Web Services (AWS) to speed up the modernization of its telecoms systems, boosting the use of cloud technology to offer 5G and low-latency data services to professional customers. In collaboration with the U.S. tech giant, Telenor will develop product offerings for selected industries, including manufacturing, […]

Myanmar’s authorities pull support of M1 Group’s Telenor buyout

Myanmar’s military government is forcing Norwegian provider Telenor to pursue other buyers following blunt corruption allegations against Lebanese-owned investment firm M1 Group, with rumors of suspected relations to Syrian President Bashar Al-Assad. M1 Group is a Lebanese conglomerate that owns, manages, and oversees investments and subsidiaries in various sectors such as telecommunications, real estate, aviation, […]

Telenor sells off Myanmar operations to Lebanese investment firm

Facing extreme pressure from Myanmar’s Junta, Norwegian operator Telenor has sold it’s operations within the country to Lebanese investment firm M1 Group for $105 million, the company said in a statement on Thursday.   “Telenor Group has entered into an agreement to sell 100 percent of its mobile operations in Myanmar to M1 Group for a total consideration of $105 million, of which $55 […]

Telenor weighs Myanmar exit as conditions worsen

Norwegian telecoms provider Telenor is currently assessing a possibility to exit the Myanmar market, citing the worsening economic and business environment outlook and a deteriorating security and human rights situation, with limited prospects of improvement, the company said in a statement late last week. This statement was echoed by news reported by Reuters, who quoted […]