Britain’s Vodafone will sell its Hungarian business for 715 billion forints ($1.8 billion) in cash, it said on Monday, in a deal that will create a locally owned telecoms leader in the central European country.
The British mobile phone and broadband group said it had agreed to non-binding terms with the buyers, Hungarian 4iG, and state-run Corvinus Zrt.
The deal — which does not include Vodafone’s shared services business VOIS — is expected to create Hungary’s second largest telecoms operator.
“The Hungarian Government has a clear strategy to build a Hungarian-owned national champion in the (Information and Communications Technology) sector,” Vodafone Chief Executive Nick Read said in a statement.
The sale is expected to be completed by the end of 2022.
Reuters
Follow us on:
Spain has allocated €10.6 billion in aid, including cash handouts and loans, to support victims…
All 114 detained #EndBadGovernance protesters were released by court order and have been received at…
Novak Djokovic has withdrawn from ATP Finals due to an “ongoing injury,” shifting his focus…
Zimbabwe has banned police officers from using mobile phones on duty, in a bid to…
Victor Okhai has argued that Trump’s presidency could encourage Nigeria to reduce foreign aid reliance…
Equatorial Guinea's VP has announced the suspension of officials involved in sexual misconduct within government…