eNewsletter April 2018/1
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Telenor to sell Eastern Europe mobile operators to Czech PPF Group for EUR 2.8 bln

Telenor has agreed to sell its mobile operators in Hungary, Bulgaria, Montenegro and Serbia to Czech investment group PPF for EUR 2.8 billion. Telenor announced in January plans to sell the eastern Europe activities in order to concentrate more on its more promising markets in the Nordic region and Asia. Telenor expects to record a book gain of NOK 3 billion from the sale, and the proceeds will go to a special dividend of NOK 4.40 per share for Telenor shareholders. PPF Group claims to be the largest private investment group in CEE, with EUR 35 billion of assets under control. In addition to telecoms, the company invests in sectors such as banking, consumer finance, real estate and mining. The transaction price gives the Telenor activities an enterprise value of 6.4x EBITDA in 2017. The parties have agreed on deferred payment of EUR 400 million per year over four years. Completion of the deal still requires regulatory approval, expected by Q3.

- Telecompaper -

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