SINGAPORE: Ooredoo has entered into a definitive agreement to sell 100 percent of its equity in Ooredoo Asian Investments Pte Ltd. (Singapore) (OAI), the parent company that owns 100 percent of Ooredoo Myanmar Ltd. (OML), and 100 percent of Ooredoo Myanmar Fintech Ltd. (OMFL) to Nine Communications Pte. Ltd. for an enterprise value of approximately USD 576 million and total equity consideration of USD 162 million.
The transaction has been approved by the board of directors of Ooredoo and of Nine Communications Pte. Ltd, and remains subject to customary closing conditions, including regulatory approvals in Myanmar.
Nine Communications Pte. Ltd. is an SPV incorporated in Singapore 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.
Aziz Aluthman Fakhroo, CEO & Managing Director of Ooredoo Group, said: 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. It was important for us to make this call at a time when Ooredoo Myanmar is performing at its strongest to ensure the business continues from strength to strength. We will ensure a smooth transition with the least possible disruption adhering to all local requirements”.
EY Corporate Finance Ltd. (“EYCF”) acted as exclusive financial adviser to Ooredoo on the transaction, and CMS acted as a legal adviser to Ooredoo.
Ooredoo is an international communications company operating across the Middle East, North Africa and Southeast Asia. Serving consumers and businesses in 10 countries, Ooredoo delivers the leading data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks.