Hungary buys 25 per cent stake in Telenor subsidiary

The Czech Republic-based international finance and investment group PPF, owned by Petr Kellner, the richest person in the Czech Republic, has sold 25 per cent of its stakes in Telenor Hungary and Telenor Real Estate to Hungary’s state-owned telecommunications company Antenna Hungária.

According to a joint statement released by the two companies, PPF and Antenna Hungária will create a joint holding in which the Czech company will maintain a 75 per cent ownership package.

“The sale will strengthen our position on this mature and strongly competitive market. However, it also shows that PPF as a mid-size telecommunications company is committed to the Central and Eastern European region on the long-term,” said Ladislav Bartoníček, telecommunications partner at PPF.

Zsolt Sárecz, chairman and CEO at Antenna Hungária, said that “by utilising joint strategic synergies, Antenna Hungária and Telenor will be able to provide better and more complex services for Hungarian media consumers and their business partners on the telecommunications market.”

PPF will continue to run Telenor Hungary’s management while Antenna Hungária as a strategic partner will delegate members to the board of the new holding, as well as the two former Telenor subsidiaries.

On October 28, PPF acquired Central European Media Enterprises, which operates some of the most popular TV channels in Central and Eastern Europe, for 2.1 billion US dollars.