4iG, Hungarian IT service management company, has signed a non-binding agreement to acquire Telenor Montenegro from PPF Group, 4iG said in a statement.
Both parties agreed to close the transaction by 30 November of this year, subject to the approval of the Montenegrin authorities.
“The acquisition of Telenor Montenegro is in line with 4iG’s regional expansion strategy, and the Target’s solid background and market position, as well as its strong revenue-generating capacity, can bring high added value to our Group,” said Gellert Jaszai, CEO-Chairman of 4iG.
4iG will start due diligence on Telenor Montenegro, the results of which are expected at the end of September and will allow the group to make a final offer, the Hungarian company said.
Two-thirds of Telenor Montenegro’s revenue comes from private and business subscribers. Telenor Montenegro reaches 98% of the Montenegrin population with its 4G-based mobile services.