Hungary's 4iG has entered into a non-binding term sheet with PPF to acquire 100 percent of Telenor Podgorica (Telenor Montenegro). The expansion to Montenegro would see the operator add 338,000 subscribers, 150 base stations and 4G coverage reaching more than 98 percent of the population. The successful completion of the transaction remains subject to due diligence and the approval of the Montenegrin authorities.
Czechia-based PPF Group acquired Telenor Montenegro in 2018, together with several regional mobile operators, from Telenor. With sales revenue of EUR 43 million in 2020, Telenor Montenegro serves consumer and business subscribers with 150 privately owned base stations covering all major roads, most tunnels and all the beaches and winter tourist resorts in Montenegro. Telenor Montenegro reaches 98 percent of the Montenegrin population with its 4G network.
According to the preliminary agreement, 4iG will start due diligence on Telenor Montenegro, the results of which are expected at the end of September and will allow it to make a final offer for the acquisition. The parties agreed to close the transaction by 30 November at the latest, subject to the approval of the Montenegrin authorities.
