Vodafone to sell Hungarian business for $1.8 billion
PremiumThe British mobile phone and broadband group said it had agreed non-binding terms with the buyers, Hungarian 4iG and state-run Corvinus Zrt.
Britain's Vodafone will sell its Hungarian business for 715 billion forints ($1.8 billion) in cash, it said on Monday, in a deal that will create a locally-owned telecoms leader in the central European country.
The British mobile phone and broadband group said it had agreed non-binding terms with the buyers, Hungarian 4iG and state-run Corvinus Zrt.
The deal — which does not include Vodafone's shared services business VOIS — is expected to create Hungary's second largest telecoms operator.
"The Hungarian Government has a clear strategy to build a Hungarian owned national champion in the (Information and Communications Technology) sector," Vodafone Chief Executive Nick Read said in a statement.
The sale is expected to be completed by the end of 2022.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less