Vodafone Group Plc (VOD.L,VOD), the British telecom major, said on Monday that it has entered into a deal with 4iG Public Limited Company and Corvinus Zrt, a Hungarian state holding firm, to sell Vodafone Magyarország Zrt, for a cash consideration of HUF 660 billion or 1.7 billion euros.
Vodafone intends to use the proceeds from the transaction for deleveraging.
The transaction is expected to be completed in January.
Margherita Della Valle, Vodafone Group's interim Chief Executive said: "This combination establishes a scaled converged operator across mobile and fixed communications and supports the Hungarian government's goal of creating a national Information and Communications Technology champion. The combined entity will increase competition and accelerate investment in the ongoing digitalisation of Hungary."
For comments and feedback contact: editorial@rttnews.com
Business News