Global law firm White & Case has advised global investor PPF Group on its acquisition of Telenor’s telecommunications assets in Central & Eastern Europe for €2.8 billion on an enterprise value basis.
It is the largest M&A transaction in the CEE telecoms sector, and the largest loan syndication in the region, since 2011. The deal includes Telenor's wholly owned leading mobile operations in Hungary, Bulgaria, Montenegro and Serbia, and the technology service provider Telenor Common Operation.
“Our cross-border and cross-practice deal team in London and Prague advised PPF on a strategically important acquisition that expands its telecommunications portfolio into four new countries, and fulfills its ambition to become a mid-sized European operator with a stronger market position,” said London-based White & Case partner Ken Barry, who co-led the Firm’s deal team.
Prague-based White & Case partner Jan Andruško, who co-led the team, said: “This deal showcases the way our clients benefit from our significant track record advising on private equity and telecommunications deals, and our established network of strong offices in key jurisdictions across EMEA. Our teams in London and Prague worked together seamlessly to achieve a successful acquisition.”
The completion of the transaction, which gives PPF full control over Telenor’s mobile operators in the aforementioned countries, is expected in Q3 2018 and is subject to the relevant merger control and regulatory approvals.
Telenor is a leading provider of telecommunications and mobile services in Scandinavia, Central & Eastern Europe (where it has been active for 25 years) and Asia-Pacific, with annual turnover during 2017 of around €12.7 billion and 178 million customers.
The White & Case team which advised on the transaction was led by partners Ken Barry (London), Jan Andruško (Prague) and Ian Bagshaw (London), and included partners Lindsey Canning, Colin Harley, Michael Wistow (all London) and Jonathan Weinberg (Prague), local partners Jan Stejskal and Tomas Jine (both Prague) and associates Joe Bradley, Chris Ewing, Paul Harrington (all London), Jan Jakoubek, Veronika Merjava and Radek Kraus (all Prague).