Telenor sells Myanmar business for a song

Telenor has sold its operations in Myanmar for less than a quarter of the licence fee it paid to enter the market seven and a half years ago.
The Norwegian firm has agreed to hand the business over to Lebanon-based investment firm M1 Group for US$105 million (NOK900 million), $55 million of which is payable over five years. The deal equates to an enterprise value of around $600 million, Telenor said.
M1 Group will acquire all Telenor Myanmar’s shares and will continue to run the business,