Norway’s Telenor sells Myanmar operations to M1 Group

BANGKOK (AP) — The Norwegian telecoms company Telenor, one of the biggest carriers in Myanmar, says it has agreed to sell its entire operations in the country to the M1 Group, a Lebanese-based investment firm. Telenor earlier announced it was writing off the value of the business after a military takeover caused a public backlash and the authorities imposed limits on mobile and internet access. Telenor said Thursday that a further “deterioration of the situation and recent developments in Myanmar form the basis for the decision to divest the company.”  The company said in a release that M1 Group would take over its Myanmar operations and employees. The $105 million sale is subject to regulatory approval in Myanmar.