In November, 1993 Pannon GSM Telecommunications Ltd. signed a concession agreement and in March of the following year started to operate on the 900 MHz frequency.

In November, 2000 it started to operate on the 1800 MHz frequency in Budapest, and in March 2001, the whole country.

On February 14, 2006 the company changed its main brand to Pannon and refreshed its visual image, in line with the new corporate identity of its parent, Telenor.

In 2009, the fairness of Pannon's consumer contract terms was challenged in the Hungarian courts.

[3] In March 2018, Telenor sold its business in southeastern Europe (Bulgaria, Hungary, Montenegro and Serbia) to the investment fund PPF, for a sum of 2.8 billion euros.