The Czech investment group PPF has completed its acquisition of mobile operator Telenor’s telecommunications assets in Central and Eastern Europe, specifically in Hungary, Bulgaria, Montenegro, and Serbia. PPF Group has received all the necessary approvals from the relevant authorities and completed all other requisite processes. As a result, PPF Group now holds full control over Telenor’s operations in the aforementioned countries, the group says in its press release.The total purchase price of the assets was EUR 2.8 billion
. PPF Group financed the transaction through a syndicated loan.
As said in the press release, the acquisition is the biggest in the telecom sector in Central and Eastern Europe since 2011.
Telenor entered the Hungarian market in 1994 as a local operator – Pannon. In 1996, it expanded to Montenegro, and in 2006, in entered the market of Serbia by purchasing the operator Mobi 063. The Norwegian telecom operator entered the Bulgarian market in 2013 by acquiring the company Globul.
In late 2017, Telenor provided services to over nine million users in four CEE countries and employed close to 3,500 people in those markets.