MT News
The Ooredoo Group announced on 8 September that it has signed an agreement to sell its Myanmar unit to Nine Communications Pte.Ltd at an enterprise value of US$-576 million.
Qatari telecommunications company Ooredoo has sold its Myanmar businesses to Singapore-based Nine Communications Pte.Ltd owned by U Nyan Win who has over 40-year experience in telecom field and Link Family Office. The transaction, with an enterprise value of US$-576 million and a total equity consideration of US$-162 million, is subject to the customary closing conditions, including Myanmar regulatory approvals, according to the announcement.
Chief Executive Officer and Managing Director of Ooredoo Group Aziz Aluthman Fakhroo said that he made a difficult decision on the sale of the telecom business in Myanmar.
There are four companies operating mobile phone services in Myanmar. These four telecom operators are Mytel, MPT, Norwegian telecommunications company Telenor and Qatari telecommunications company Ooredoo. On March 2022, Norwegian telecoms operator Telenor sold its mobile operations in Myanmar to M1 Group, a Lebanese company due to the pressure of foreign countries after SAC took the State responsibility in 2021, and rebranded its operation Atom.
