Home » Business » PPF sells Telenor. He will receive billions for the Montenegrin operator

PPF sells Telenor. He will receive billions for the Montenegrin operator

Company Telenor Montenegro at the end of last year, it had 333 thousand subscribers, thanks to which it earned 44 million euros last year, in terms of over 1.1 billion crowns. Operating profit (EBITDA) for the same period reached 16 million euros, in terms of approximately 411 million crowns. The sale price in such a case is usually about ten times EBITDA, calculated by a merger expert who did not wish to be named. According to him, the value of the transaction will be in units of billions of crowns.

“Our business strategy is focused on markets with significant growth potential and a certain weight within our portfolio. We therefore decided to sell Telenor Černá Hora to a company that has a long-term interest in further developing the mobile operator, “said Marek Sláčík, Executive Director of PPF Telecom Group. Last year, the market in Montenegro represented only one percent of the operating profit (EBITDA) of the entire PPF Telecom Group.

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Thirty years of PPF’s existence

The source of the daily E15, close to negotiations, describes the sale of a Montenegrin company as a cleaning of the portfolio. “The group wants to focus on markets where it is possible to connect the core business with other services, such as fixed internet or digital television,” said a source who did not want to be named.


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PPF Group acquired Telenor’s telecommunications operators in Bulgaria, Montenegro, Hungary and Serbia in July 2018. The acquisition led to the creation of a group’s telecommunications division called PPF Telecom Group.

Buyer 4iG Nyrt is one of the largest IT companies on the Hungarian market. The company provides system integration services, managed IT services or outsourcing of IT operations and is traded on the Budapest Stock Exchange. 4iG plans to diversify its existing portfolio of services and enter new markets in the region of Central and Eastern Europe. For example, Antenna Hungária, which together with PPF owns the Hungarian telecommunications company Telenor Hungary, is about to take over. However, PPF expects to continue to operate as a majority in Telenor Hungary.

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