Description: EE Business is the web\'s source for eastern European business and finance news.
Norwegian based telecom company Telenor sold its eastern European branch to the Czech based PPF Group for €2.8 billion. The deal is part of Telenor’s efforts to bring its focus to Asia and Scandinavia.
Specifically, Telenor is selling its mobile networks in Hungary, Bulgaria, Montenegro and Serbia. They are also unloading a small technology company. The sale price will be used to pay shareholders a special dividend of NKr4.40 ($0.57) per share, lower the company’s debt, and perhaps in the future, new acquisitions.
Together the four businesses service 9 million customers and make up about 9 percent of Telenor’s revenue and 8 percent of its profits.