The biggest telecommunications operator in the Nordic region Telenor ASA has entered into an agreement to purchase Hellenic Telecommunications Organization SA's Bulgarian mobile subsidirary for Eur717 million or US$934 million.

Telenor also previously acquired Globul, the second biggest mobile carrier in Bulgaria. Globul, with its 36% market share would allow Telenor to expand its presence in Eastern and Central Europe. For its part, Hellenic would be able to reduce costs in exiting from the firm. 

Telenor generates more than half of its revenues outside the Nordic region, mainly outside Denmark, Norway and Sweden in 2012. It is continuing its push into fast growing markets in Asia and Europe in a bid to boost sales as it operates in Hungary, Montenegro, Serbia, Malaysia and Thailand.

In statement made last April 26, Telenor CEO Jon Fredrik Baksaas said, "Based on our experience in Telenor's well-performing operations in the region, we strongly believe that we will be able to create value in the Bulgarian market."