Telenor seals Wave Money stake sale

Telenor Group finalised an agreement to sell its majority interest in mobile payments joint venture Wave Money for $53 million to a subsidiary of conglomerate Yoma Strategic, as the Norway-based operator progresses plans to exit Myanmar.

The operator holds a 51 per cent share of Digital Money Myanmar, which operates as Wave Money. Yoma Strategic will lead a consortium of investors financing the acquisition of the stake by Yoma MFS Holdings, Telenor stated. The transaction is subject to standard conditions, including approval from the Myanmar Central Bank.

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