Telenor Group announced this morning that it has agreed to sell its businesses in Central and Eastern Europe to the PPF Group for 2.8 million euros.
But what is the PPF Group and who owns it?
The PPF Group is owned by Petr Kellner, the wealthiest Czech alive, who manages over $35 billion in assets, Investitor.me reports.
It entered the telecommunications sector in 2013 by purchasing 65.9 percent of Czech O2 Telecom from the Spanish giant Telefonica for about 2.5 billion dollars.
PPF Group is also the owner of CETIN, which deals in telecommunications infrastructure.
In 2016, the O2 Company had revenues of 1.4 billion euros.
Kellner was born in 1964 (aged 54) and the Forbes Magazine estimates his net worth at nearly $16 billion.
He started his business in the 1990s, not long after the breakup of Czechoslovakia, dealing in office supplies.
He then began investing through his own fund, buying a controlling stake in the biggest Czech insurance company. His PPF Group is one of the owners of Home Credit, the largest financial institution for consumers in China.
In addition to that, he owns the PPF Bank and commercial real estate, Investitor.me reports.