Telenor, the Norwegian telecoms company, will sell its assets in central and Eastern Europe to the PPF Group, a Czech Republic-based financial investment group, for a total of €2.8bn.
Telenor will be divesting from its mobile operations in Hungary, Bulgaria, Montenegro and Serbia. The transaction will also include the technology service provider Telenor Common Operation.
Last year these assets contributed 9 per cent of Telenor Group’s revenues and 8 per cent of its earnings.
Telenor’s board of directors will ask its AGM for authorisation to distribute a special dividend for NKr4.40 per share.
If the transaction is successful, Telenor will be left with mobile operations in the Nordics, and strong presence in Asia.