Nordic telco Telenor is moving into Bulgaria after agreeing to buy Greek telecoms operator OTE’s Bulgarian unit, Globul, for €717 million on a cash and debt-free basis.
The deal also includes telecom retailer Germanos Bulgaria, which is operationally integrated with Globul, and marks Telenor’s latest move in the Central and Eastern Europe market, where it is already present in Hungary, Serbia and Montenegro.
“Our entrance into the Bulgarian market enhances the potential for cross-border co-operation and increased efficiency that our customers, businesses and the Telenor Group as a whole will benefit from. We also see a potential in expansion of mobile data and internet-based services in the market,” said Telenor executive vice-president Kjell-Morten Johnsen.
Globul is the second largest mobile operator in Bulgaria with 4.5 million subscribers and a market share of 36%. Telenor group has a footprint in Central and Eastern Europe and Asia, and offers mobile, broadband and TV services.