British Vodafone announced on Monday that it would sell its Hungarian business for 715 billion forints ($1.8 billion) in cash, resulting in the creation of a locally-owned telecoms industry leader in the country of central Europe.
The Hungarian 4iG and state-run Corvinus Zrt, the buyers, and the British mobile phone and broadband group claimed to have reached non-binding terms.
The transaction, which excludes Vodafone’s shared services company VOIS, is expected to establish Hungary’s second-largest telecom 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.
