The Czech Republic’s richest businessman has sold off a partial stake in the Hungarian telecommunications company Telenor to Antenna Hungária.
PPF Group, owned by Petr Kellner, announced the sale of the group’s 25-percent stake on Oct. 31.
Telenor telecommunications company includes Telenor Hungary and Telenor Real Estate. The transaction is intended to enable Telenor Hungary to exploit synergies with Antenna Hungária, which is the dominant player in the Hungarian telecommunications market.
PPF Group did not disclose the selling price.
In the new holding, which was established as a joint venture between Telenor Hungary and Antenna Hungária, PPF Group holds a 75-percent stake and Antenna Hungária holds the remaining 25 percent.
“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 Central and Eastern Europe,” PPF Group said.
PPF will continue to manage the business activities of Telenor in Hungary, with no change in its management. As a strategic partner, Antenna Hungária will occupy one position on the board of directors and one on the supervisory board in the newly created holding company.
Antenna Hungária will also have observers on the board of directors and supervisory board of Telenor Hungary as well as Telenor Real Estate.
Antenna Hungária has been the dominant player in the Hungarian telecommunications market for decades. The main activities of the company are telecommunication services, nationwide television broadcasting and radio broadcasting.
PPF Group acquired Telenor’s telecommunication assets in Hungary, Bulgaria, Montenegro, and Serbia in July 2018.