State-owned Antenna Hungária and Telenor have established a new holding company operating as a joint venture, owned 75% by the PPF Group and 25% by Antenna Hungária.

PPF continues to manage the business operation of Telenor Hungary and the company’s management will continue to operate in an unchanged form, according to the statement. Antenna Hungária, as a strategic partner, will delegate one person for the board of directors and another for the supervisory board of the new holding company as well as an observer to the board of directors and another to the supervisory board of Telenor Hungary and Telenor Real Estate.

The PPF Group acquired Telenor’s telecommunication companies in Hungary, Bulgaria, Montenegro and Serbia in July 2018, website adds.