Telenor has reportedly sold its CEE businesses to PFF Group for 2.8 billion Euros

March 21, 2018
Photo: Flickr/Charlotta Wasteson (CC BY 2.0)

Telenor has reportedly sold its Central and Eastern European businesses to PFF Group for 2.8 billion Euros.

Norwegian telecommunications giant Telenor announced in January that it would be selling off its CEE subsidiaries. Businesses connected to Lőrinc Mészáros, a pipe-fitter turned business mogul who many consider to be a front for Prime Minister Viktor Orbán, quickly expressed interest in acquiring Telenor’s Hungarian operations. On Wednesday morning, Telenor announced that it has sold its CEE operations for 2.8 billion Euros to PFF Group, a private equity group owned by Czech businessman Petr Kellner.

Founded in Hungary in 1994 under the name Pannon GSM, Telenor reportedly holds a 30 percent market share in Hungary, comprised of some 3.5 million private and corporate customers. The company has around 1,000 employees in Hungary.

PFF Group’s acquisition of Telenor’s CEE operations includes its entities in Hungary, Bulgaria, Montenegro, and Serbia.

According to, the deal does not necessarily mean Mészáros will not acquire Telenor’s Hungarian business. Source tell Index that Kellner and Mészáros have been in touch, and that Mészáros’ company has expressed interest in buying the Hungarian unit if possible.