[ad_1]
Brussels gives go-ahead to Czech billionaire to buy telecom
The European Commission has given the go-ahead to Czech billionaire Petr Keller – PPF Group NV for the acquisition of Telenor in Bulgaria, Hungary , Montenegro and Serbia. The transactions were submitted for verification of compliance with the competition rules on June 22, 2018. The decision was taken shortly before the expiry of the response period – July 27. It is given without conditions. The value of the transaction is 2.8 billion euros. It was announced in late March 2018. PPF will acquire full control of Telenor Bulgaria EAD, from the three Hungarian companies Telenor Magyarország Zrt., Telenor Real Estate Hungary Zrt. and Telenor Common Operation Zrt., based in Telenor d.o.o. Podgorica and Serbian Telenor d.o.o. Beograd. In addition to the mobile operators, the Telenor common service provider is also included. The companies have a total of more than 9 million customers and approximately 3,500 employees. "The Commission has found that the proposed transaction will not create competition concerns," the statement said. It stipulates that companies operate in separate territories and do not overlap their activities in a country
The acquisition cost is equal to 6.4 times the profits of the Telenor activities in the CEECs for 2017. Both parties agreed to a deferred payment a portion of the contract price, with 400 million euros of the amount paid in four installments over a period of four years
The sale will bring a profit of more than 316 million euros to the Norwegian company operating in the region of 25 years. euro. Shortly before the completion of the acquisition transaction by PPF, Telenor Bulgaria achieved a turnover of 175 million BGN in the second quarter of this year, an increase of 7 , 5% compared to the same period in 2017. Profit before tax and depreciation (EBITDA) for the period increased to BGN 68 million from BGN 63 million a year ago, an annual growth of 7.9% [19459007ThePPFGroup'sbuyeriscontrolledbyPetrKeller-oneofthewealthiestEuropeansandtherichestmaninEasternEuropeWaiteraskedtobuyanotherlargeBulgariancompanytheownerofNovaTV"NewBroadcastingGroup"buttheCompetitionCommissionbansthedeal
Waiter has a wealth of about $ 16 billion and his PPF group manages badets for more than 35 billion euros in various sectors. The billionaire develops business in Russia, Slovakia, China, Romania, the United States, France, Vietnam and others. In the telecommunications sector, PPF holds more than 80% of O2, the largest operator in the Czech Republic and the third largest in Slovenia, with a total of 7 million subscribers
[ad_2]
Source link
