Yoma Strategic to acquire 34.2% stake in Wave Money from Telenor Group for $53m.

Yoma Strategic, an investment holding company, agreed to acquire 34.2% stake in Wave Money, a developer of online payment software, from Telenor Group, a state-owned multinational telecommunications company, for $77m. “This is an opportune time for Telenor Group to divest. Both Yoma Group and Ant Group’s core operation is financial services and technology, and they are therefore the strongest owners to take Wave Money forward. Wave Money has built a leading position in money transfer and will continue to be a strategic distribution channel for Telenor Myanmar, our mobile operator in the country. We are proud to have been part of Wave Money’s impressive growth journey from day one and contributed towards making Myanmar a more financially inclusive society,” Lars Erik Tellmann, Telenor Group Head of Financial Services.