LONDON (Reuters) – Vodafone on Monday announced the sale of its Hungarian subsidiary for HUF715 billion (€1.76 billion) in cash in a deal aimed at creating one of the country’s telecom leaders from Central Europe.
The British mobile phone group said it had agreed non-binding terms with buyers, Hungarian 4iG and public company Corvinus Zrt.
The deal, which does not include Vodafone’s VOIS services, is expected to create Hungary’s second largest telecommunications operator.
“The Hungarian government has a clear strategy for creating a national leader in the information and communications technology sector,” said Vodafone chief executive Nick Reed.
The sale should be completed by the end of the year.
(Report by Pushkal Aripaka in Bangalore and Sachin Ravikumar in London; French version by Kate Entringer, edited by Mathieu Protard)