Telenor Group has agreed to sell its mobile operations in Myanmar to M1 Group for $105 million  (nearly 900 million NOK), of which $55 million (approximately 470 million NOK) is a deferred payment over five years.

The transaction implies enterprise value of approximately 600 million USD (approximately 5.2 billion NOK).

The agreement to sell to M1 will ensure continued operations. “Telenor entered Myanmar because we believed that access to affordable mobile services would support the country’s development and growth,” said Sigve Brekke President and CEO of Telenor Group.

Since operations started in 2014, Telenor’s funding to Myanmar has been around 5.3 billion NOK. After turning cashflow positive in 2017, Telenor Myanmar has distributed nearly 3.2 billion NOK in dividend.