European Commission Approved the Acquisition of "Telenor"

The European Commission has approved the acquisition of the Norwegian telecom Telenor in Bulgaria, Serbia, Montenegro, and Hungary by the Czech PPF Group. It is owned by the Czech Petr Kellner.

The total transaction amount is EUR 2.8 billion. More than a week ago the Bulgarian Competition Commission stopped the Nova TV deal, which was also to be owned by PPF Group.

The European Commission believes that the proposed transactions will not harm the competition as there will be no horizontal overlaps. Vertical links between companies will also not be a problem. The company commented that the acquisition should be completed in the third quarter of the year. In Bulgaria, Telenor has annual revenues of BGN 675 million for 2017, as well as over 3.1 million subscribers by the end of the first half of 2018.

Petr Kellner is the richest man in Central and Eastern Europe. According to Forbes, his state exceeds $ 16 billion.

Petya Petrova

Petya Petrova is a journalist, believer, and traveler.

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