Hungarian ICT group 4iG announced on 21 December that it had completed the acquisition of a 100% stake in mobile network operator (MNO) Telenor Montengro from PPF Telecom Group for an undisclosed sum, following regulatory approval by the country’s competition authorities.
Noting the transaction is a significant step in the implementation of its growth strategy in the Western Balkans, 4iG Group CEO Gellert Jaszai commented: ‘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. We support the current management team of Telenor Montenegro and count on the company’s employees to continue to grow in the Montenegrin mobile telephony market, based on the company’s professional services.’
Telenor Montenegro operates an LTE network covering 98% of the population and claimed 419,503 mobile subscriptions and a 32.7% share of the market at 30 September 2021. Private investment company PPF Group acquired Telenor’s assets in Montenegro, Hungary, Bulgaria and Serbia in 2018 in a deal valued at USD3.3 billion.