As a result of the deal, a new holding entity has been created and will service the purpose of a joint holding venture with PPF Group owning 75% and Antenna Hungaria 25%.
Commenting on the development, Ladislav Bartonicek, PPF Group shareholder responsible for the group’s telecommunications assets, said: “This transaction will strengthen our market position in this competitive and mature telecommunications market while at the same time affirming PPF’s commitment as a long-term, mid-sized telecommunications owner in the CEE.”
Zsolt Sárecz chairman of the board and CEO of Antenna Hungária, added: “The exploitation of the mutual strategic synergies allows both Antenna Hungária and Telenor to provide even better and more complex media and telecommunication services in the Hungarian B2C market and to our business clients”.
PPF Group notes that it will preserve control over the business and Telenor Hungary’s management and leadership teams will remain in place. Antenna Hungária, as a strategic partner, shall have one member on the management and supervisory boards of the new holding company. Furthermore, it will have one observer on each of the Telenor Hungary and Telenor Real Estate management and supervisory boards.
PPF Group acquired Telenor’s telecommunications assets in Hungary, Bulgaria, Montenegro, and Serbia in July 2018.