IT IS OFFICIAL: Telenor sold for 2.8 billion euros

Telenor Group signed a contract for the sale of its business in the region of Central and Eastern Europe with a PPF group worth 2.8 billion euros.

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The transaction includes mobile operations in Hungary, Bulgaria, Montenegro and Serbia and Telenor Common Operation (TnCo) service providers, all of which are fully owned by Telenor Group, according to a statement from Telenor Group.

Telenor operations in the region of central and eastern Europe have a share of 11.8 billion in Norwegian kroner, or 9 percent in the total revenues of Telenor Group and 4.1 billion Norwegian kroner or about 8 percent of EBITDA in 2017, with more than 9 million users and 3,500 employees.

PPF is the largest investment group in Central Eastern Europe that invests in various sectors, including banking, private sector finance, real estate, mining, and telecommunications. Among the recent acquisitions are the O2 Czech Republic from Telefonika 2012 and Nova Broadcasting Group in Bulgaria 2018.

- With this purchase, the PPF Group extends its telecommunications portfolio to four more countries and is closer to its long-term goal of becoming a European medium-sized operator, as well as to use their experience to strengthen its market position - Ladislav Bartonicek said, a representative of the PPF Group responsible for the telecommunications sector.

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(Telegraf.co.uk)