Sunday, July 14, 2024
HomeInternationalVodafone to sell Hungarian business for $1.8 billion

Vodafone to sell Hungarian business for $1.8 billion

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.

Subscribe To Newsletter


BRL Editor
BRL Editor
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.