Norwegian telecoms firm Telenor (TEL OL) has agreed to sell its businesses in central and eastern Europe to Czech billionaire Petr Kellner’s investment firm PPF Group for 2.8bn euros ($3.4 billion). “The transaction includes Telenor’s wholly owned mobile operations in Hungary, Bulgaria, Montenegro and Serbia and the technology service provider Telenor Common Operation,” Telenor said in a statement on Wednesday. With 3,500 employees and more than nine million customers the central European assets recorded combined revenue of 11.8bn crowns in 2017, corresponding to nine percent of Telenor’s overall sales. Prior to the deal, Telenor had operations in 12 countries, including three in the Nordics, five in Asia and the four in central and eastern Europe, with a combined 176 million customers. PPF said it aims to complete the transaction in June, adding that the acquired units would retain the right to use the Telenor brand until mid-2021.

Source: Dhaka Tribune March 22, 2018 04:52 UTC