March 21 (SeeNews) - Telecommunications company Telenor Bulgaria, part of Dutch-registered investment group PPF, has received regulatory approval to act as an agent of French insurer Chubb European Group, Bulgaria's Financial Supervision Commission said.
The regulator did not disclose further details in its statement, published on Wednesday.
Telenor Bulgaria generated earnings before interest, taxes, depreciation and amortisation (EBITDA) of 68 million levs ($39.5 million/34.8 million euro) in the fourth quarter of 2018 on the back of 191 million levs of revenue during the quarter.
PPF Group, through its unit PPF TMT Bidco 1, completed the acquisition of Norwegian mobile operator Telenor's telecommunications assets in Bulgaria, Montenegro, Serbia and Hungary for 2.8 billion euro in July 2018.
On the Bulgarian mobile segment, Telenor competes with A1 Bulgaria, the local unit of A1 Telekom Austria group, and Bulgarian Telecommunications Company (BTC), which operates under the brand name Vivacom.
(1 euro = 1.95583 levs)