Nine Communications to acquire Telecom Business in Myanmar from Ooredoo Group for $576m.

Nine Communications, a provider of security systems, networking and electrical services, agreed to acquire Telecom Business in Myanmar from Ooredoo Group, an international communications company operating across the Middle East, North Africa and Southeast Asia, for $576m. “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,” Aziz Aluthman Fakhroo, Ooredoo Group CEO & Managing Director.