Vodafone to sell its Hungarian subsidiary for approximately €1.8 billion | Photo credits: Vodafone
LONDON, Aug 22 (Reuters) – Vodafone on Monday announced the sale of its Hungarian subsidiary for 715 billion forints (1.76 billion euros) in cash, as part of a deal aimed at creating a telecommunications leader in the central European country.
The British mobile phone group said it had agreed non-binding terms with the buyers, the Hungarian 4iG and the public company Corvinus Zrt.
The deal – which does not include Vodafone’s VOIS services business – is expected to create Hungary’s second-largest telecom operator.
“The Hungarian government has a clear strategy to create a national champion in the information and communications technology sector,” Nick Read, chief executive of Vodafone, said in a statement.
The sale should be finalized by the end of the year. (Report Pushkala Aripaka in Bangalore and Sachin Ravikumar in London; French version Kate Entringer, edited by Matthieu Protard)