Hungary’s 4iG has signed a final agreement with PPF Telecom Group to acquire 100% of Telenor Montenegro.
4iG first bid for the unit in July this year. CommsUpdate reports that the deal is on track to close by the end of 2021 providing it clears the requisite regulatory clearances. The final sum has not yet been revealed.
Marek Slacik, Executive Director TMT CEE at PPF Telecom Group, said: “Our business strategy focuses on markets offering significant growth potential and solid weighting within our portfolio. Therefore, we have decided to sell Telenor Montenegro to a party that has a long-term interest to develop the mobile operator further.”
Gellert Jaszai, President and CEO of 4iG, said: “Telenor Montenegro is a mobile operator with a stable growth background, the acquisition of which is an important step through the implementation of our strategy in the Western Balkans. The acquisition may open up additional opportunities for us in the region in the telecommunications and ICT markets.”
PPF acquired Telenor Montenegro from its Norwegian parent firm in 2018 - along with Telenor’s operations in Bulgaria, Hungary and Serbia - in a US$3.3 billion deal. Telenor Montenegro had a 37% share of the market with 475,580 mobile subscribers as of 30th September 2021.