Vodafone Agrees To Sell Vodafone Hungary For €1.8 Bln - Quick Facts

British telecom major Vodafone Group Plc (VOD.L,VOD) announced that it has agreed to the potential sale of Vodafone Magyarország Távközlési Zrt or Vodafone Hungary for an enterprise value of HUF 715 billion or 1.8 billion euros in cash.

The company has entered into heads of terms with 4iG Public Limited Co. and Corvinus Zrt, a Hungarian state holding company, in relation to the potential sale.

The transaction is subject to completion of confirmatory due diligence, the companies entering into binding transaction documentation and obtaining regulatory approval. The companies are targeting completion by the end of 2022.

Vodafone's shared services business in Hungary, VOIS, is not included in the deal. It will continue to provide services to Vodafone's other operating companies.

Nick Read, Chief Executive of Vodafone, said, "This combination with 4iG will allow Vodafone Hungary, which has a proud history of success and innovation in the country, to play a major role in the future growth and development of the sector as a much stronger scaled and fully converged operator. The combined entity will increase competition and have greater access to investment to further the digitalisation of Hungary."

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