Telenor sells CEE assets to PPF for €2.8bn

Telenor is selling its assets in Central and Eastern Europe to PPF Group. The €2.8bn deal, which should be finalized in Q3, includes Telenor’s mobile operations in Serbia, Montenegro, Bulgaria and Hungary as well as the technology service provider Telenor Common Operation. Telenor Group’s CEE operations, including 3,500 employees and 9 million customers, accounted for 9 percent of the Norwegian telecom company’s revenues in 2017 and 8 percent of EBITDA. PPF Group is the biggest private investment group in the CEE region. This year, it acquired Nova Broadcasting Group in Bulgaria and O2 Czech Republic from Telefonica in 2013.