PPF believes this transaction will allow Telenor Hungary to consolidate and leverage the core competencies of both Hungarian companies (Telenor Hungary/Telenor Real Estate and Antenna Hungária) and trigger mutual strategic synergies. A new holding entity has been created and will serve the purpose of a joint holding venture with PPF Group owning 75% and Antenna Hungária owning 25%.
“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,” said Ladislav Bartonicek, PPF Group shareholder responsible for the group’s telecommunications assets.
“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,” said Zsolt Sárecz Chairman of the Board and CEO of Antenna Hungária Zrt.
PPF 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 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. PPF Arena 1 is a leading telecommunications group in Central and Eastern Europe, consolidating PPF’s investments in the telecommunications sector (CETIN, O2 Czech Republic, Telenor CEE).