Telenor Group has received the final regulatory approval for the sale of Telenor Myanmar to M1 Group from the Myanmar Investment Commission.

During the regulatory approval process the Myanmar authorities made it a condition that M1 Group should have a local partner in the ownership of Telenor Myanmar after the transaction between Telenor and M1 closes.

M1 has informed that its local partner Shwe Byain Phyu has acquired 49 percent of Investcom, the Singapore-based company set up by M1 for the purchase of Telenor Myanmar. After the transaction closes between M1 and Telenor, M1 will sell additional 31 percent of Investcom shares to Shwe Byain Phyu.

Telenor is in dialogue with M1 Group to ensure that customers, partners, and employees experience a smooth transition. Telenor will close the transaction as soon as possible. Telenor Myanmar will operate under the brand name Telenor for four months and have a transition service agreement with Telenor for six months, Sigve Brekke, President and CEO of Telenor Group, said.