Vodafone sells its Hungarian subsidiary for around 1.8 billion euros

Vodafone sells its Hungarian subsidiary for around 1.8 billion euros

LONDON (Reuters) – Vodafone on Monday announced the sale of its Hungarian subsidiary for 715 billion forints (EUR 1.76 billion) in cash as part of a deal aimed at creating one of the country’s leading telecoms operators from central Europe.

The British mobile communications group said it had agreed non-binding terms with the buyers, the Hungarian 4iG and the public limited 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 field of information and communication technology,” Vodafone chief executive Nick Read said in a statement.

The sale is expected to be completed by the end of the year.

(Report by Pushkala Aripaka in Bangalore and Sachin Ravikumar in London; French version by Kate Entringer, edited by Matthieu Protard)

Reference: www.challenges.fr

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