Telenor Myanmar renamed its business as ‘Atom’ following the closing of Telenor Group‘s $105 million sales of the subsidiary to M1 Group in March 2022.
Telenor Myanmar stated that the name change reflects the “post-transaction situation,” adding that the range of services and products offered will remain the same.
M1 Group subsidiary Investcom, which is 49 percent owned by local partner Shwe Byain Phyu, controls Telenor Myanmar.
Telenor, based in Norway, announced in March that it was collaborating with M1 Group to enable a smooth transition for customers, partners, and employees following the sale. Telenor has a six-month transition service agreement with the company.
Following political chaos in early 2021, Telenor began looking for a buyer in July, stating that the existing situation made it impossible to “conduct an ordinary sales process.” In the first quarter of that year, it reported a NOK6.5 billion ($686.5 million) impairment loss on its Myanmar operations.
Since its launch in 2014, Telenor has invested a total of NOK5.3 billion in the unit, which became cash flow positive in 2017.