You have 3 free articles left this month. Get your free Basic subscription now and gain instant access to more.

Hungary's 4iG wraps up acquisition of Telenor Montenegro

Author Radomir Ralev
Hungary's 4iG wraps up acquisition of Telenor Montenegro Author: SeeNews. License: All rights reserved.

PODGORICA (Montenegro), December 21 (SeeNews) - Hungarian IT service management company 4iG has completed the acquisition of the entire capital of Telenor Montenegro from Dutch-registered PPF Group, 4iG said on Tuesday.

Following a successful proceeding before the Montenegrin competition authority and the financial closing of the transaction, the local subsidiary of 4iG has acquired 100% of the shares of Telenor Montenegro, 4iG said in a statement.

You can subscribe to our M&A newsletter here

With the transaction, 4iG has taken a significant step towards the implementation of its growth strategy in the Western Balkan telecommunications market, the Hungarian company said.

"Telenor Montenegro's employees and management, who have built an extraordinary company in recent years, represent significant value for the 4iG Group. We consider the company a strategic investment and with our services we plan a long-term presence in Montenegro," 4iG CEO Gellert Jaszai said in a separate statement issued by Telenor Montenegro.

4iG signed a non-binding agreement to acquire Telenor Montenegro in July 2021. Back then, the parties agreed to close the transaction by November 30 at the latest.

Telenor Montenegro was acquired by PPF Group in 2018, together with several regional mobile operators. With 413,000 subscribers and sales revenue of 44 million euro ($49.6 million) in 2020, Telenor Montenegro is the market leader in the Montenegrin mobile segment. The company has 436 privately owned base stations covering mountainous and resort areas. It reaches 98% of the Montenegrin population with 4G-based mobile services.

($ = 0.88752 euro)