Telenor has completed the sale of Telenor Myanmar.
In line with the sales and purchase agreement, Telenor has received USD 50 million (approximately NOK 450 million) at closing. The remaining USD 55 million shall be received in equal installments over the coming 5 years.
Closing of the transaction will only have minor impact on the equity of Telenor Group. However, the reclassification of accumulated losses related to translation differences earlier recognized in other comprehensive income will impact the income statement negatively with approximately NOK 0.8 billion. The derecognising of the cash balance in Telenor Myanmar and the proceeds received at closing results in a net negative cash flow impact of around NOK 1.5 billion. The transaction will be booked in Q1. Due to the uncertain situation in Myanmar, the deferred payment will not be recognized in the accounts at closing.