The deal, which is on a cash and debt free basis, is worth a total of €717 million and includes Germanos Bulgaria, the leading telecom retailer in the country and operationally integrated with Globul.
Globul is the second largest mobile operator in Bulgaria, claiming 4.5 million subscribers and a market share of 36%.
Commenting on the acquisition, which is subject to regulatory approval, Jon Fredrik Baksaas, president and CEO of the Telenor Group, said: “Based on our experience in Telenor’s well-performing operations in the region, we strongly believe that we will be able to create value in the Bulgarian market. By contributing with our scale and experience to Globul’s competence and market knowledge, we can offer even better quality and more advanced services to Bulgarian customers.”
Kjell-Morten Johnsen, executive VP and head of region Europe, added: “Our entrance into the Bulgarian market enhances the potential for cross-border co-operation and increased efficiency that our customers, businesses and the Telenor Group as a whole will benefit from. We also see a potential in expansion of mobile data and internet-based services in the market.”
Telenor has a growing presence in Bulgaria and further details about this specific deal will be provided at a press and analysts conference today (April 29).
Just last month Telenor Satellite Broadcasting (TSBc) signed a satellite transmission agreement with Neterra to launch a DTH platform in the country.