PPF Group’s acquisition of Telenor’s Eastern and Southern European assets represents the biggest telecoms acquisition in the region for 7 years

PPF Group has completed the strategic acquisition of a clutch of telecoms assets from Telenor in Hungary, Bulgaria Serbia and Montenegro. Having received all the necessary regulatory approval from the relevant authorities, PPF Group now controls all of Telenor’s former interests in the region.

The company paid a total of €2.8 billion for the assets, which will considerably strengthen its presence in Eastern Europe’s telecoms sector. The deal is the biggest in Eastern Europe’s telecommunications sector for 7 years.

PPF Group holds strategic assets across a number of industries and with the deal for Telenor’s Eastern European assets going through, the firm now has a pool of assets valued at over €38 billion.

The move will see Telenor exiting the Eastern European market, where it employed some 3,500 people.

As well as its existing core business units in Scandinavia, Telenor still has a sizeable presence in Asia, where it is actively involved in markets in Thailand, Malaysia, Pakistan, Myanmar and Bangladesh. The company has over 160 million mobile and fixed line customers spread across Asia.