(MENAFN- Gulf Times)
Ooredoo has entered into a definitive agreement to sell its entire equity in Ooredoo Asian Investments (Singapore) or OAI to Nine Communications for an enterprise value of about $576mn and total equity consideration of $162mn. OAI is the parent company that owns 100% of Ooredoo Myanmar (OML) and 100% of Ooredoo Myanmar Fintech.
The transaction has been approved by the board of directors of Ooredoo and of Nine Communications, and remains subject to customary closing conditions, including regulatory approvals in Myanmar.
'Ooredoo Group has gone through an extensive business review resulting in a reassessment of its overall strategic direction. The difficult decision to divest from our Myanmar business is a direct result of this review to reshape our portfolio as a leading telecommunications company,' said Aziz Aluthman Fakhroo, chief executive officer and managing director of Ooredoo Group.
Highlighting that it was important for it to make this call at a time when Ooredoo Myanmar is performing at its strongest to ensure the business continues from strength to strength; he said, 'We will ensure a smooth transition with the least possible disruption adhering to all local requirements”.
Nine Communications is a special purpose vehicle, or SPV, incorporated in Singapore and owned by the Link Family Office and U Nyan Win.
Link Family Office a well-established conglomerate with varied business interests across three continents. U Nyan Win has over 40 years of experience in the telecom industry.
OML, founded in 2014 and based in Yangon, is one of the leading telecom operators in Myanmar with high quality assets and a large customer base. Ooredoo Myanmar offers mobile telecommunications and Internet services to commercial and residential customers in the country.
EY Corporate Finance acted as exclusive financial adviser to Ooredoo on the transaction, and CMS acted as a legal adviser to Ooredoo.
MENAFN08092022000067011011ID1104836708
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.